Recent price data show home values at nearly their lowest levels in the postbubble era, and a coming tide of foreclosures means prices will drop further. Seven million families have lost their homes so far, and another three million foreclosures are expected through 2012.
The ongoing crash is further evidence that the government’s antiforeclosure efforts have fallen short and America’s struggling homeowners need more help.
So what are House Republicans proposing? They want the government to get out of the antiforeclosure business altogether and leave homeowners to fend for themselves. The result would be hundreds of thousands of additional foreclosures and steeper price declines.
House Republicans have introduced bills to eliminate four federal antiforeclosure programs and replace them with — nothing. Here is a list of those programs and ways they could be improved:
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http://www.nytimes.com/2011/03/04/opinion/04fri1.html?hpw
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