Tag: mortgage crisis

For the Love of Eminent Domain

The City of Richmond, California has been abandoned and cast adrift by all those partners who might logically be expected to support local governments facing severe challenges to the local economy and the real estate market. Into the void stepped the private firm Mortgage Resolution Partners (MRP) peddling a grand solution to solve a prolonged

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Financing Housing

A number of discussions were held during NLC’s Congress of Cities on the topics of housing, housing finance and home mortgage foreclosures.  From these discussions a picture emerges that is hopeful at one level but deeply troubling at another. Despite the improvements in the housing sector in the form of sales prices, construction permits and

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Foreclosure Fatigue Sets In as Housing Market Improves

Imagine my surprise at how quickly the attention paid to mortgage borrowers suffering through foreclosures, short-sales and default notices is quickly abandoned as good news continues to arrive in the form of rising home prices and sales. As with wars, famines, natural disasters and celebrity meltdowns, issue fatigue is finally sweeping the mortgage foreclosure crisis

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California’s Homeowner Bill of Rights Provides Solutions

Political leaders at the state and local levels in California have delivered not one but two aggressive efforts to address the home mortgage foreclosure crisis. One effort, the Homeowner Bill of Rights, is likely to be a powerful stick which will help borrowers negotiating a loan modification from nearly all banks and mortgage servicers. The

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Screaming for Housing Demolition

In a country that cannot adequately house all of its citizens, both government and private-sector actors will bulldoze more than two million homes in the time before us. Implemented on a vast scale already thanks to dollars from the Neighborhood Stabilization Program (NSP), the pace of demolition will quicken as the winter months recede. It

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The Goal is Diverse Housing Choices

Housing has always been complicated; it’s just that most folks never really noticed until the decades-old pattern of increasing home construction and increasing home values came to a blinding, crashing halt. Now the complexity is abundantly apparent – rent or own, access to credit, overleveraged mortgage loans, accurate risk underwriting, affordability, proximity to employment, patterns

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An Essential Role for Fannie and Freddie

For all the talk about reform of the mortgage finance system, the anticipated changes to Freddie Mac and Fannie Mae are likely to be rather modest. In the run-up to Secretary Geithner’s end-of-January deadline to offer a proposal to Congress, only two options are under serious consideration to support the goal of ensuring long-term liquidity

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Housing Needs for the Next Decade

For local policy makers anticipating the economic landscape in the post-recession and post-foreclosure period, there are three factors that will influence decisions about new housing development – the number of homeless families; the slowdown in household formation; and the severe cost burden that so many face for housing. The combination of these factors means that

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Vacant Properties Compound the Forclosure Disaster

You don’t have to be a policy researcher to know intuitively that mortgage foreclosures and vacant and abandoned properties are a serious threat to the well-being of a neighborhood.  An increase in foreclosed properties in any neighborhood, especially a high concentration of properties in one neighborhood, creates an oversupply of housing stock (including low value

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