Congressional Oversight Panel Releases Oversight Report on Foreclosure Mitigation

“March 6, 2009, the Congressional Oversight Panel released its March Oversight Report, The Foreclosure Crisis: Working Toward a Solution.

  • “Like the crisis in the banking system, the foreclosure problem has grown so large that it threatens the entire economy. Foreclosures are depressing housing and commercial real estate prices throughout the country, imposing costs on those who are not even a party to the mortgage transaction through lower tax revenues, increased crime and depressed home prices. The Emergency Economic Stabilization Act of 2008 required the Panel to look into the current state of the foreclosure crisis and gauge the adequacy of current programs to address the crisis. The Panel’s report examines the causes of the foreclosure crisis and the impediments to its resolution and develops a checklist that provides a roadmap for foreclosure mitigation program success.”
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