Homeowners need help, not Wall Street

Consumer groups decry Bear Stearns bailout while foreclosures soar.

By Ruth Mantell, MarketWatch
Last update: 9:37 p.m. EDT March 17, 2008
Comments: 130

WASHINGTON (MarketWatch) -- Bailing out Bear Stearns Cos. won't address the falling home prices and tide of foreclosures that will continue to plague the economy, some observers said Monday.

Consumers remain in an environment where nothing substantial has been done to prevent foreclosures, said Jim Carr, chief operating officer of the National Community Reinvestment Coalition. The Bear Stearns deal highlights the need for faster action on legislation to enable the widespread modification of bad loans, consumer advocates say, and the importance of improving related asset quality.

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