New York Daily News-
The last time the U.S. experienced economic calamity and slow-motion recovery — from 1929 into the 1930s — the policy responses it adopted were profoundly innovative yet quintessentially American. This was largely because the President who took office in 1933, Franklin Roosevelt, had led New York — the nation’s center of creative dynamism in business, the arts and governance alike.
New York City should take inspiration from FDR’s ingenuity today by employing a home-foreclosure prevention tool that he pioneered.
Among the most pressing emergencies Roosevelt faced upon taking office was a massive foreclosure crisis ravaging home-owning families. A Rube Goldberg system of private mortgage finance, complete with an early form of mortgage “securitization,” had helped fuel a real-estate bubble in parallel with the era’s notorious stock-market bubble. That bubble’s bursting left millions of Americans deep “underwater” — owing much more on their homes than their homes were now worth.
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