Econ4: Statement on Housing

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Econ4: Statement on Housing

Econ4: Statement on Housing

Econ4-

Statement on Housing

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We are economists who think that the economy should serve people, the planet and the future.

Four million families have lost their homes to foreclosure in the Great Recession. Today another four million or more face the same fate. This devastation was triggered by unscrupulous financiers and exacerbated by government policies that put banker bonuses ahead of homeowner solvency.

Some blame families for foolishly pursuing the American Dream of homeownership.  They think government assistance for banks is OK, but homeowners should be left to take “free-market” medicine.

Some claim that the solution for the housing crisis is to extend and pretend, to perpetuate make-believe values on bank balance sheets rather than to modify principal based on real housing prices. These policies may be a dream for bankers, but they’re a nightmare for homeowners.

We oppose treating the nation’s housing as a bundle of assets to be sliced, diced, flipped, and bailed out in pursuit of inflated profits and bonuses.

We call for reality-based, ethically grounded housing policies that restore stability to families and sanity to markets.

[ECON4]

image: mandyspath.wordpress.com

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2 Responses to “Econ4: Statement on Housing”

  1. Sarah says:

    Go further on Bankruptcy reform. Treat all debt the same. Remember, it was the 70s when retribution started to make a come back, the idea that people “weasel out of responsibility” was an excuse for debt servitude. The code is vastly unfair now, the so-called dead beat with the only house to her name can’t get a reduced principle the way a multimillionaire could on vacation properties. School loans, mortgages – this would force the pirates to lend responsibly, ergo destroying their profit engines. (which is why they scream at the mention of bankruptcy fairness)

  2. Sarah says:

    The 4 million figure is a statistic of completed foreclosures, more are coming, short sales or other unfavorable (to some borrowers) outcomes aren’t included. People who are in default, types of loans, stage in foreclosure process – this would be a different number.

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