CBPP Statement: Statement by Barbara Sard, Director of Housing Policy, on House Action on Foreclosure Legislation

Publication Date: May 2008

Publisher: Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Barbara Sard

Research Area: Social conditions

Keywords: Economic projections; Foreclosure prevention; Housing assistance; Housing preservation

Type: Report

Abstract:

Two essential elements of an effective federal response to the foreclosure crisis are stabilizing communities hard hit by foreclosures and helping renters who lose their homes to foreclosure through no fault of their own. The Neighborhood Stabilization Act (H.R. 5818), which the House plans to consider today, would help address the first of these issues and deserves support. The House should also act quickly to address the second issue as part of a more comprehensive foreclosure package.