Economic Program | Memo
Stemming the Housing Crisis: A Better Framework
This memo argues that staunching the catastrophic loss of middle class wealth from falling home values should share equal billing with foreclosure prevention as a top policy priority.
Americans have already lost more than $240 billion in wealth in just the last year, and equally large losses are projected for 2008. Moreover, generating the political will and public support necessary to help troubled borrowers also means speaking to the 99% of Americans who are not facing the loss of a home and the one-third of homeowners who have no mortgage at all.