The Real Cause of the Mortgage Crisis: Conservative Opposition to Sensible Financial Standards

THE POLITICS

Home prices are falling and foreclosures rising across the country. With one in six mortgaged homes now worth less than the loan balance, our entire economy is at risk. Few Americans are aware that the housing bubble was the natural result of reckless Bush administration policies. Let’s place blame where it’s due and outline a series of progressive solutions to the problem.

THE ISSUE

One of every 11 mortgage holders in America faces major loan problems. During the first quarter of 2008, nearly 9 percent of all mortgage holders were delinquent or in foreclosure, the highest rate since recordkeeping began in 1979 [The New York Times [23]]. Foreclosure filings more than doubled from 2007 to 2008 [RealtyTrac [24]].