May 21, 2008
Dean Baker testified before the House Subcommittee on Domestic Policy, promoting his Subprime Borrower Protection Plan. The hearing, “Neighborhoods: the Blameless Victims of the Subprime Mortgage Crisis,” focused on the effects of the meltdown of the mortgage market on neighborhoods and communities, particularly the increase in the number of vacant and abandoned properties due to foreclosures.
In an effort to provide greater housing security to families put at risk by the current crisis in the housing market, Congressman Raul Grijalva, (D-AZ) introduced a bill yesterday – with similar elements of the Subprime Borrower Protection Plan – that would allow homeowners of moderate-value homes who are facing foreclosure to remain in their homes as renters. See video of the full hearing.
