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Little more than a week ago, Massachusetts Attorney General Martha Coakley was in Washington, D.C., testifying before the U.S. House Financial Services Committee about the state’s prosecution of auction-rate securities fraud.
However, more interesting was written testimony Coakley submitted to the committee regarding the failure of the state’s attempt to get the mortgage industry to rearrange risky, inappropriate home loans voluntarily. The “loan modifications,” as Coakley’s office called them, would have kept homeowners in their homes under affordable, “sustainable” terms.
There is no hiding the fact that even a state that has so far been spared the most severe of the country’s economic pains is being dragged down by the low quality mortgages currently ravaging the world’s credit markets.
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