MADISON, Wis. (1/8/08)--Credit unions can share their thoughts on a possible solution to the mortgage crisis on the Filene Research Institute’s website. Filene has posted a Dec. 26 New York Times op-ed piece regarding a “one-size-fits-all” mortgage solution and a forum for users to comment and discuss. The article was written by Michael S. Barr, a professor of law at the University of Michigan; Sendhil Mullainathan, a professor of economics at Harvard; and Eldar Shafir, a professor of psychology at Princeton. Under the Times’ solution, lenders would be encouraged to provide better disclosures to borrowers who choose to opt out. “If default occurs when a borrower opts out, the borrower could raise the lack of reasonable disclosure as a defense to the bankruptcy or foreclosure,” the article stated. The approach would still permit lenders to create new types of mortgages, but would make it harder for lenders to place borrowers in situations where they are vulnerable, according to the Times. For more information, use the link.