“[I]f the mortgage meltdown continues, we could see many bank and business failures … hundreds of thousands of families out on the streets … and a major recession in 2008. In the wake of all of this calamitous news, it isn’t surprising that the government has taken action. Specifically, President Bush has called for a ‘voluntary’ 5-year freeze on low introductory mortgage rates for families now making payments but unable to afford higher rates. Only primary home owners would qualify, and they must have a perfect record of home payments. Once such a measure is introduced, it would likely expand. Indeed, others are already proposing a permanent, mandatory freeze in rates. While the desire to ‘do something,’ about the mortgage crisis is natural, a mortgage rate freeze is unlikely to do more than prolong the grief and could well turn what would have been a short recession into a protracted depression.” (02/06/08)