Loan Modification

"Another party, this time from the progressive side of the debate, has chimed in with its prescription for reforming the nation's housing finance system. This proposal, "A Responsible Market for Housing Finance", is a product of the Mortgage Finance Working Group sponsored by the Center for American Progress, with the generous support of the Ford Foundation, and the Open Society Institute.

The report details the heavy reliance of the housing finance system on the federal government since the collapse of the non-agency mortgage market. We have the knowledge and tools, it says, to create an American housing finance system that, while relying on private capital, will be stable over the ups and down of the economy, equitably serve its stakeholders and promote residential integration, eliminate housing discrimination, and provide safe, decent and affordable housing in all locations. The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was the first stop towards this end."