Read portions of Jim Carr’s speech at the University of Baltimore Law School that was featured in the Baltimore Sun. His speech focuses on the foreclosure crisis and using NCRC’s HELP Now proposal to accomplish broad-scale modification of troubled loans.
The U.S. economy is unraveling at a pace not seen in decades. The more than 650,000 jobs lost last month has contributed to a growing concern that the unemployment rate could rise to 10 percent or higher before the economy rebounds. At the center of the economy’s instability is a foreclosure crisis that has claimed 3.5 million homes in the last year alone, and threatens the loss of an additional 8 to 10 million homes to foreclosure over the next five years.
Now that “creative destruction” has taken its course in the credit markets, many have been caught up in the blame game. Fannie, Freddie, Sen. Chris Dodd, Rep. Barney Frank and — and of course, the Community Reinvestment Act. But it seems that NCRC members are charting a new course.
