Topic: Housing crisis

Americans need solutions to housing crisis

By Chris Lugo | May 13, 2008 |

America faces a housing crisis that it has not seen the likes of since the great depression. Hundreds of thousands of families have lost their homes due to the mortgage crisis in the past year and more are at risk if we don’t act now. That is why the US Senate must support some version of the Foreclosure Prevention Act, which passed this past week in the US House. This legislation, which is on its way to the Senate next week has been threatened with veto by President Bush.

As usual, the President is wrong. The President has said that he would veto the legislation if it comes to his desk because he doesn’t believe that certain types of people should be rewarded for their bad decisions. What the President means is that poor people shouldn’t be protected from predatory lenders and that the government shouldn’t have any regulatory responsibilities when it comes to mortgage lenders. «Read the rest of this article»

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