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Fighting Foreclosure

Presidential candidate Hillary Clinton weighed in on the nation's housing crisis today, calling for a ban loan prepayment penalties and for more money to support state efforts to help homeowners facing foreclosure. NBR Washington Bureau Chief Darren Gersh gets the housing industry's take on these proposals.



Discuss this story on XChange - The NBR Blog.

Related NBR Stories & Links

• 08-01-07: "Money File" - Beware The Foreclosure Bargain
• 07-19-07: "Driving a Deal: Part 3" - The Foreclosure State
• 07-04-07: The Foundation of Home Sales has been Weakened by the Subprime Mess
• 05-16-07: "Commentary" - Fixing the Foreclosure Crisis
• 04-05-07: Foreclosure Fever Seems to be Rising

External Links/Articles*

• Center for Responsible Lending
  The Center for Responsible Lending is a "nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices." The center's director, Eric Halperin, is interviewed in Darren Gersh's report.
• Freddie Mac (PDF Document)
  Freddie Mac is "a stockholder owned corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors." This links to a Borrower Information Guide published by Freddie Mac that focuses on "Prepayment Penalty Mortgages."
• Hillary for President
  This links to Senator Hillary Clinton's (D - New York) presidential campaign website. Specifically, it links to a press release detailing Clinton's plan to address mortgage lending abuses, which is mentioned in Darren Gersh's report.
• Mortgage Bankers Association (MBA)
  The Mortgage Bankers Association is an association representing the real estate finance industry. The association's Senior Vice President of Public Policy Steve O'Connor is interviewed in Darren Gersh's report. The MBA's website includes research, forecasts, issue papers, and more.
• Ohio Home Rescue Fund
  The Ohio Home Rescue Fund, managed by the Ohio Department of Development, is a part of the state's efforts to prevent foreclosures. The fund provides financial assistance "to low- and moderate-income families in Ohio (up to $3,000 per household) that are in danger of losing their homes through foreclosure." As Darren Gersh reports, funds like this also exist in the states of California, Maryland, Massachusetts, New Jersey, New York, and Pennsylvania.
• U.S. Department of Housing and Urban Development (HUD)
  This links to HUD's "Tips for Avoiding Foreclosure." These ten steps are designed to help homeowners face foreclosure intelligently.

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.