Underwater Mortgages Causing Downward Economic Spiral

Brief

Underwater Mortgages Causing Downward Economic Spiral

February 17, 2012

Abstract

Underwater mortgages are depressing housing demand by creating blockages in the mortgage finance system. Families in trouble because of a loss of income can't make their monthly payments, refinance, or sell their homes. By coupling effective counseling with robust solutions for troubled homeowners-such as loan modifications, refinancing, and rental housing options-we can get on the road to economic recovery much faster, writes Peter Tatian in a commentary for U.S. News & World Report's Debate Club.

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