Looking for Answers

While searching for answers to some of yesterday's question, I found this in today's New York Times editorial, "The Bush administration has been far too slow to respond, with some officials apparently worried that helping today’s troubled borrowers might encourage future borrowers to take on too much debt. That misses a critical point: much of this crisis can be traced to lenders’ failure to vet borrowers and the government’s failure to regulate the industry. And it misses an even bigger point: unless something is done quickly, whole communities, not just people who lose their homes, will suffer."

I would like to add that lenders could go a long way in helping solve the problem if they would be more inclined to negotiate short sales before a house goes into foreclosure. There are going to be losses, that goes without saying, the question is can the crisis be directed in a way that does not wreck families and communities?