Lender industries

In the article "Show us the Hope" Clark Hoyt a former Pulitzer-prize winning reporter and editor who oversaw the Knight Ridder newspaper chain’s coverage, discusses how neither Congress and the Bush administration have never shown any sense of helping the homeowners, but show some sense when it comes to helping the financiers to the top. He points out one example which I thought was a pretty good idea, of a government program with the purpose to help $400,000 struggling homeowners keep their home. Furthermore, he said that this plan would help ensure $ 300 billions of troubled borrowers. However, there was a problem which he pointed out, it was that many lenders were cautious about participating in this program because of losses going on with reduced loan Balances. He explains that it is kind of helpful that lenders are taking the step to help the trouble borrowers, but he said they are not doing enough to help out as quoted "defaults and foreclosures continue to outstrip efforts to rework bad loans." In addition to that, he also puts good emphasis on how the home prices have fallen and how big of burden it would be with unemployment on the way. His point on arguing about this was that he believed congress should amend the bankruptcy code so that the court would be able to change troubled mortgages. Another reason why he discusses this is because many borrowers as mentioned were foolish enough to take on these loans and in return many of the industries end up being the victim of the borrowers as said.
I actually agree with the argument he made about the lenders helping, but not enough help is given when it came to the troubled borrowers. The reason why I agree with this is because he had provided pretty good valid concepts on home prices falling and unemployment, which has me thinking how the lender industries would be able to manage.