NYT: Britain Will Nationalize Troubled Mortgage Lender

Click on the post for the story out of London from the New York Times.

Here is the rule: If you cannot SUPERVISE, NATIONALIZE-----

Britain has recognized its responsibilities and now will supervise. Last week, the Secretary of the Treasury, Mr. Paulson, was still mouthing that "there is no going back from the world of securitization."

The problem is however, that our government has not instituted close supervision of its wayward financial industry---yes they have given some mortgage holders in foreclosure a thirty days suspension of the proceedings---and yes it might be necessary to renew this provision monthly as opposed to just calling it a "foreclosure holiday" as was done in the 1930's.

Here is the bottom line: Britain has set the lead. Will the US follow in dealing with the current mortgage crisis? or, will it be allowed to grow dramatically worse right in time for national elections?

You make the call.