Congress must not let the Mortgage Forgiveness Debt Relief Act expire at the end of the year. Today 12 million Americans are on the verge of losing their homes because they owe more money than their home is worth.
Obama should focus on two and only two proposals, and they each must take account of perceived prior failures. They must be guarantees, not incentives that rely on what side of the bed someone gets up on in the morning.
In places like Phoenix, 54% of homeowners with mortgages have negative equity. That's about half a million underwater mortgages, more than the combined totals in Texas and New York state, where 10 times as many people live.