Helping underwater homeowners? Not flood, mortgages.

The New York Times editorial pages takes on the cause of underwater homeowners, folks whose property is worth less than the mortgage or mortgages on it. Principal relief? Who's going to judge who's entitled to it?

Neither Congress, nor federal regulators, nor state or federal prosecutors have yet to conduct a thorough investigation into the mortgage bubble and financial bust. We welcomed the news that the Justice Department is investigating allegations that Standard & Poor’s purposely overrated toxic mortgage securities in the years before the bust. We hope the investigative circle will widen.

Tens of millions of Americans are being crushed by the overhang of mortgage debt. And Congress and the White House have yet to figure out that the economy will not recover until housing recovers — and that won’t happen without a robust effort to curb foreclosures by modifying troubled mortgage loans.

Read the complete editorial.

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