May 25, 2007
Congress is looking at ways to shore up the housing market after a spike in foreclosures among homeowners who received so-called sub-prime mortgages – loans with higher interest rates given to borrowers with bad credit. Mortgage Bankers Association Chairman John Robbins says eliminating those loans is not the answer. In a May 22 speech at the National Press Club, Robbins said sub-prime loans have helped millions become homeowners.
