AS THE Bush administration and Congress try to untangle the fallout from the defeat of the Wall Street bailout, foreclosures continue to climb, financial companies fail, and the middle class economic squeeze worsens by the day.
One significant action doesn’t need congressional approval and can make a big difference. Effective and wide-scale loan modification programs by lenders and mortgage holders can stop the freefall and begin the long way back to a sustainable economy.
Some are frustrated that Congress cannot agree on what to do. The investment banks, subprime lenders, and other creators of unduly risky investment products wait for Washington to do something. Wall Street firms and lenders, however, should ask themselves whether they have done enough to get their own act together; they need not wait to take action to help themselves, homeowners, and our economy.
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