Peter Dreier: Local activists and city officials are still hoping that the Obama administration — and particularly Mr. Watt — will take action. The most important thing they can do is get Fannie Mae and Freddie Mac to adopt principal reduction.
The 30-year class war the rich launched against the working people in this country (and reached its apogee during the George W. Bush years), has left the middle class reeling and wounded. Only bold federal action that puts something concrete in the palms of middle-class Americans can begin to turn these dire social conditions around.
by Robert Reich – The National Association of Realtors said today that home prices have now dropped to the point where they’ve wiped out all the gains in housing prices since 2004. 2004, not incidentally, was when interest rates last hit bottom, and the Feds looked the other way while mortgage bankers began shoving money […]
by Robert Reich – The government is doing a lousy job helping distressed homeowners. And according to John Dugan, the Comptroller of the Currency, the little that’s been done has had surprisingly little effect. Nearly 36 percent of homeowners holding mortgages whose terms were adjusted to give them more leeway defaulted on payments within three […]
The United States is in the midst of the worst financial crisis since the Great Depression. The question is: How close are we to another Great Depression? The answer is: Very close. Here’s why. The Great Depression was the result of the combination of the 1929 financial crisis and serious structural problems in the American […]