Was It Enough? Paper Explores the Federal Response to Foreclosure
The federal response to the foreclosure crisis was not enough, according to “Too Little, Too Late, and Too Timid: The Federal Response to the Foreclosure Crisis at the Five-Year Mark” by Dan Immergluck. The author describes the federal policy responses from 2007 to 2012 and their progress, plus points out how programs were insufficient to solve the issues faced by homeowners and entire communities. The paper notes flawed decisions regarding design and implementation and describes how prevention efforts were lacking because they were too dependent upon inadequate incentive payments and didn’t do enough to persuade bankers to modify loans. The policy responses described are divided into two categories: those focused on foreclosure prevention and those focused on easing the impact of foreclosure on the surrounding community.
SOURCE: School of City and Regional Planning, Georgia Institute of Technology, Atlanta, GA