WASHINGTON, DC-On Tuesday, the Obama administration invitedbanking executives to provide advice on the role of the governmentin supporting the mortgage market. The group unanimously agreedthat government support is necessary to support the $11-trillionmarket. The group further added that doing away with governmentsupport could lead to a sharp increase in mortgage ratesdiscouraging many banks from providing assistance to consumers. Theremoval of government support could also lead to banks and mortgagelenders to face higher losses.For the full story, go toThe Detroit Free Press.
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