by the National Housing Conference
Statement from Ethan Handelman, Vice President for Policy and Advocacy
“President Obama’s announcement today reinforces what we all know—we need coordinated action at many levels to restore housing markets, help struggling households, and support a broader economic recovery. That action must, by necessity, be bipartisan and cooperative. We urge Congress to take up these proposals in a spirit of bipartisanship and the Administration to move swiftly to implement the elements that it can do on its own.”
“More, however, is needed. Secretary Donovan, in his remarks today, referred to the mounting evidence that principal reduction will help restore housing markets, helping not only individual households but all of the institutions that depend on housing. The proposals announced today are a step in the right direction. More can be done, using shared appreciation mortgages, structured short sales, and other proven means to reduce outstanding debt, while improving returns to lenders and preventing painful and destabilizing foreclosures. If leaders of both parties come together now, they can take concrete steps to prevent foreclosures, stabilize neighborhoods, and secure safe, decent, and affordable housing for all in America.”