Tuesday, May 15, 2012

Housing money sleight-of-hand

A story in The New York Times points out that numerous states facing large deficits are raiding settlement money originally designated for at-risk homeowners. The upshot is a potential that more homeowners will lose their homes -- and put more pressure on an already burdened relief sector.

There is not enough housing for low-income people as it is, and a spike in foreclosures can only increase demand at a time when supply remains stagnant. The money should be used to keep at-risk homeowners in their homes and for states to take over toiled properties nd rent them back to those being foreclosed on -- albeit at a huge discount.

It is imperative, if we won't to maintain a functioning middle- and working-class, that we keep homeowners from being dispatched to the streets and woods.

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