Issue Statement
The housing finance system has undergone changes in recent years that helped to foster a record rate of homeownership. Unfortunately, federal regulation to protect the interests of homeowners in the mortgage process failed to keep pace with the market. As a result, millions of families are losing and could lose their homes to foreclosure. Cities, in turn, are being forced to maintain housing now vacant due to foreclosures; losing property tax revenues due to declining home values; and incurring higher issuance costs for municipal bonds to fund worthy public projects due to the effects the subprime crisis is having on the broader financial markets.
The National League of Cities focuses on solutions to the crisis in the mortgage finance system. On behalf of cities, towns and villages, NLC is advocating before Congress, sharing best practices among municipal leaders, presenting educational programs, and publishing materials that can help local officials manage this issue.
Events | Advocacy | Resources | City Practices | Research & Surveys
Action Kit | NLC National Municipal Policy | News
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Legislative Advocacy
Policy briefs, white papers, testimony, and critiques of legislative proposals
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Resources
Institutions and strategies that offer assistance to help mitigate the home foreclosure crisis
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City Practices
Solutions being carried out by city leaders summarized in a City Practices Brief
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Research & Surveys
Quantitative and qualitative studies and surveys conducted by NLC
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Action Kit on Helping Families Achieve Financial Stability
Produced by NLC’s Institute for Youth Education and Families (IYEF), this multifaceted tool includes sections on homeownership, family income security, and asset building
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National Municipal Policy
Links to the policy chapters and resolutions covering housing, financial institutions, and community investment
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General News
Information from journals, newspapers and independent reports which explain the issue and help to identify the scope and potential implications.
- House to Offer Plan on Housing, Washington Post 4/8/08
- Swift Steps Help Avert Foreclosures, NY Times, 3/26/08
- Wave of Foreclosures Drives Prices Lower, Wall Street Journal, 3/25/08
- Existing Homes Sales Rise as Prices Plummet, Washington Post, 3/25/08
- Foreclosure Crisis has Ripple Effect, USA Today, 3/11/08
- States and Cities Start Rebelling on Bond Ratings, NY Times, 3/3/08
- Hard Times in Arizona, Christian Science Monitor, 2/25/08
- Some Cities are Spared the Slide in Housing, NY Times, 2/15/08
- Municipalities Feel Pinch as Another Debt Market Falters, NY Times, 2/15/08
- Buffett Unveils Proposal to Bail Out Bond Insurers, Washington Post, 2/13/08
2008 Congressional City Conference Events
List of events at which this topic was discussed during NLC's March 8-12, 2008 legislative conference
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