Boston Globe (02/26/08); Rucker, Patrick
As the United States pursues solutions to the foreclosure epidemic, it should preserve the integrity of the contracts underpinning distressed loans. That is the opinion of Treasury Assistant Secretary for Economic Policy Phillip Swagel, who warned that proposals allowing retroactive revisions to existing loans could be detrimental to the nation's housing finance system. The remarks came during a Feb. 25 speech in London, at which time the Treasury official also said his department is looking into whether there is sufficient market discipline in the current mortgage system.
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