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PDF: Sheltering Neighborhoods from the Subprime Foreclosure Storm

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times Source: jec.senate.gov // Topic: Foreclosure
File Size: 6806.27 kb // Total of Page: 32 Page(s)
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Short Desciption: Estimate assumes property is abandoned before foreclosure is completed. William C. Apgar and Mark Duda, Collateral Damage: The ...

Content Inside: JOINT ECONOMIC COMMITTEE Senator Charles E. Schumer (D-NY) ­ Chairman Sheltering Neighborhoods from the Subprime Foreclosure Storm Recent increases in delinquencies and foreclosures in the subprime mortgage market have raised widespread concerns about the possibility of accelerating foreclosures throughout this year and next. While lenders, banks, and securities traders scramble to figure out how to insure themselves from the market consequences of rising subprime mortgage defaults, local communities are struggling to stem the tide of foreclosures that impose significant costs on families, neighborhoods and cities. This report analyzes the subprime foreclosure phenomenon at the local level, describes the high spillover costs of foreclosures, and argues that foreclosure prevention is cost-effective. Key Points · Subprime foreclosures are expected to increase in 2007 and 2008 as 1.8 million hybrid ARMS--many of which were sold to borrowers who can not afford them--reset in a weakening housing market environment. Varying local economies, housing markets and state regulatory regimes mean that




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