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Testimony of Dean Baker Before the Subcommittee on Housing and Community Opportunity

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Publication Date: March 2009

Publisher(s): Center for Economic and Policy Research

Author(s): Dean Baker

Topic: Social conditions (Housing)

Keywords: Affordable housing; Recession; Home ownership

Type: Testimony

Coverage: United States

Abstract:

Rep. Maxine Waters (D-CA), chairwoman of the House Financial Services Subcommittee on Housing and Community Opportunity, today announced that the subcommittee will hold a hearing to examine the Administration’s plan to prevent foreclosures and keep families in their homes. “The “Making Home Affordable” plan is a great first step toward fixing the housing crisis. My hearing will bring together government agencies and experts to provide a better understanding of how this plan can work for all American families.”

Witnesses will include government agencies such as the Department of Housing and Urban Development and the Federal Housing Finance Agency as well as economists, academics and consumer groups. Witnesses will be asked to discuss the recently announced plan by the White House to modify and refinance troubled mortgages. In addition, witnesses will provide an analysis of current loan modification tools to effectively reduce the number of rising foreclosures.

Committee's webpage for this hearing: Examining the 'Making Home Affordable Program': http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr031909.shtml.