October 7, 2008

Center for Responsible Lending Calls on Congress to Help Families Facing Foreclosure

Even though the U.S bailout plan will help the economy (which will take some time), the main problem with the economy was still caused by foreclosures and the housing crisis. If this problem is still not addressed, then the economy will still not recover quickly. The center for responsible lending is asking congress to do something immediately about the foreclosure situation.

“Any plan that fails to stop foreclosures will ultimately fail to fix the crisis,” said Michael Calhoun, president of CRL. “Wall Street firms and banks caused a massive foreclosure crisis in this country, and this bailout provides no meaningful way to end it. It doesn’t stop the epidemic of foreclosures that will continue to drag down property values for everyone.”

About 7 million foreclosures are expected to occur in the next few years to come involving some 40 million families. Existing measures are not working.

The foreclosure crisis could have been prevented. There were plans, ones that gave home owners the same foreclosure judicial rights as business owners in the foreclosure process. They were plans that didn’t incur heavy tax burdens and duties on home owners. Over half a million home owners would have been saved from foreclosure hearings if simple precautionary steps had been taken.

1 Comment »

  1. So I sat in my modest home watching people buy mini mansions wondering how on earth can they afford it? They couldn’t and now I still live in my modest house paying my taxes so they can live in the mini mansions. Hey government how about a interest rate decrease so us working joes who can read a loan application can try to get ahead.

    Comment by Cindy — November 12, 2008 @ 5:36 am | Reply

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog at

%d bloggers like this: