According to the New York Times, Ben Bernanke told a group of bankers in Florida that "more can and should be done" to help the millions of people that are facing struggles in these times of the current mortgage crisis. He wants to help those people with mortgages that exceed the value of their homes. His basic point was that he was urging the bankers to forgive portions of loans in order to prevent a broader economic weakening in the country. He apparently avoided saying that there was going to be a government bailout.
Democratic leaders in Congress are pushing for bolder action. The House speaker, Nancy Pelosi, will hold a closed meeting on Wednesday with some of the leading advocates for more extensive rescue measures.
Overall, more and more foreclosures are expected to keep rolling through 2008. As more time goes on more pressure will be put onto the government for some sort of bailout. We'll have to wait and see the outcome.
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