On Tuesday, 19 House Democrats sent an open letter to the President and Congressional leaders on both sides of the aisle, urging $50 billion worth of principal reduction for struggling homeowners to be included in any final negotiation on the so-called "fiscal cliff."
President Obama and many members of Congress called for the same amount in principal reduction earlier this year, only to be stymied by Bush Administration-holdover FHFA director Ed DeMarco.
Principal reduction to current market value for every underwater homeowner in the country would be a boon to local and state economies still reeling from the 2008 crisis.
Do you like this post?
