This New York Times editorial argues that the present strategy to fix the housing mess isn't working; real relief in the form of principal reduction is needed.
Housing values continue to fall, there is a glut of unsold homes on the market and nearly a third of U.S. homeowers are underwater. For these reasons, the New York Times concludes,
"It is increasingly clear that the Obama administration's anti-foreclosure effort...isn't doing nearly enough...The administration decided not to press lenders to grant principal reductions in the flawed belief that simply making payments more affordable would be enough to forestall foreclosures. It hasn't. The administration also didn't fight for the bankruptcy fix when it was before Congress last year despite President Obama's campaign promise to do so. The economy is hard pressed to function, let alone thrive, when house prices are falling."
Instead of focusing on interest relief, the editorial concludes that the federal housing strategy should emphasize principal reduction.
FULL STORY: This Year’s Housing Crisis
Power Plants: A Win for the EPA
New rules from the US Environmental Protection Agency to regulate greenhouse gas emissions from fossil fuel-fired power plants survived an attempt by 25 Republican-led states to block their implementation while their case is litigated.
A Win for ‘Keep it in the Ground’
Coal mining in Wyoming will take a major hit as a result of a U.S. Department of Interior plan to cease future leasing of coal mines in the nation's most productive coal mining basin. The decision casts a spotlight on the presidential election.
Supreme Court Guts the U.S. EPA’s Ability to Limit Carbon Emissions
The consequences of this ruling have long been foretold. With the U.S. Environmental Protection Agency now officially barred from the fight against climate change, Congress will have to act to reduce carbon emissions.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
Denver's New High-Rise Integrates Vertical Canyon in Architectural Design
Unlike other new builds in Denver, Colorado, a new high-rise reveals a unique “sculptural canyon” running vertically through the facade to foster a sense of community and connection to nature.
California E-Bike Rebate Program Launches — Again
After a series of fits and starts, CARB says the program will begin accepting applications this month.
Analysis: Localized Upzoning Less Effective
Changing zoning rules for a small number of parcels can increase land values and housing costs without boosting the housing supply.
Amtrak Breaks Ridership Record in FY 2024
More Americans than ever rode the rails last year, also bringing the agency its highest ticket revenue.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
Caltrans
Los Alamos County
American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners