Outlook: The subprime lending crisis: Focus on the problem: Subprime borrowers in trouble

Public policy should be directed at serving the large number of borrowers who have recently taken out subprime loans and who are at serious risk of losing their homes when their mortgages reset. Practicing forbearance and providing counseling for defaulting homeowners, as well as allowing them to re...

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Bibliographic Details
Published in:Housing policy debate 2007-01, Vol.18 (4), p.829-836
Main Author: Weicher, John C.
Format: Article
Language:English
Subjects:
Federal Housing Administration
Home ownership
Homeownership
Housing
Loans
Mortgages
Public policy
Risk
Subprime lending
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Summary:Public policy should be directed at serving the large number of borrowers who have recently taken out subprime loans and who are at serious risk of losing their homes when their mortgages reset. Practicing forbearance and providing counseling for defaulting homeowners, as well as allowing them to refinance into a Federal Housing Administration loan, can be particularly helpful. Broad changes in housing programs and in the structure of the mortgage market should be considered on their merits as good or bad public policy for the long term, not simply as solutions to the subprime problem.
ISSN:1051-1482
2152-050X
DOI:10.1080/10511482.2007.9521622