How to Stop the Foreclosures

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How to Stop the Foreclosures

Fred Moseley provides an excellent review of the housing market crisis and explains how he thinks the federal government needs to respond.

Over one million U.S. homeowners have already lost their homes due to foreclosures since the mortgage crisis began last summer. Another one million homeowners are 90 days past due on their mortgages (foreclosure notices usually go out after 90 days) and two million more are 30 days past due, so three million more households may face foreclosure in the months ahead. If current policies do not change, it is estimated that up to five million homeowners would lose their homes due to foreclosure over the next few years. Five million is roughly 10% of the total number of homes with mortgages. This is clearly the worst housing crisis since the Great Depression, and will wreack havoc in the lives of millions of families unless something is done. A high foreclosure rate also has a deteriorating effect on surrounding neighborhoods, further depressing housing prices and quality of life.

Read the rest at Dollars & Sense.