US Treasury Secretary Henry Paulson is stopping by the Bay area on Thursday, where he will meet with Bay Area leaders to push homeowners to get educated about how the financial industry works.US economy has encountered a lot of problems these past few months with the sub-prime crisis, a historically low dollar and the stock market struggling meanwhile. Treasury Secretary Henry Paulson acknowledges that the sub-prime mortgage mess continues to be the biggest drag on the nation's economy.
He says nevertheless that both bankers and borrowers are to blame.
"What got us here was some very bad lending practices, some unethical lending practices, financial fraud. But also the other issue is there are a good number of people who signed a mortgage contract and didn't understand it," said U.S. Treasury Secretary Henry Paulson.The best way to understand how mortgages work and how they fit into your overall finances is to contact me and schedule a free mortgage planning session.
(source: ABC7News)
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