Some recent articles quoted the Chief Excutive Officer of JP Morgan Chase as stating that "there was a housing bubble in the U.S.", it burst and subprime suffered as the first affected. His remarks at a gathering in Switzerland continued, "That will cure itself, and in my opinion it is half done already"
He also commented on the U.S. monetary policy favorably, highlighting that Central banks were doing a great job to mitigate the downturn effects.
An article in Realtor summarizes the help available to all borrowers during the current unrest in the market. The article follows.
HELP TROUBLED BORROWERS
It is an excellent summary and worth the read.
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