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Could An Alternative Policy Design Have Produced A Stronger Mortgage Modification Outcome For Hamp?, Sean Macdonald
Could An Alternative Policy Design Have Produced A Stronger Mortgage Modification Outcome For Hamp?, Sean Macdonald
Publications and Research
This paper conducts a study of the relative effectiveness of the Home Affordable Modification Program (HAMP) - the primary federal mortgage loan modification program - from early 2009 through 2016. It evaluates U.S. Treasury Department and other data sources, and reviews the recent literature on the relative success of the program. The analysis suggests that HAMP’s success rate in modifying mortgage loans was likely constrained by its voluntary design, a structure that enabled lenders and servicers to prioritize the interests of investors in assessing the risks of modification. It then considers the economic issues surrounding the foreclosure issue and presents …
One Staff, Two Branches: The Queens Borough Public Library And New York City's Fiscal Crisis Of The 1970s, Jeffrey A. Kroessler
One Staff, Two Branches: The Queens Borough Public Library And New York City's Fiscal Crisis Of The 1970s, Jeffrey A. Kroessler
Publications and Research
During the fiscal crisis of the 1970s, New York City imposed deep budget cuts on the three library systems: the New York Public Library, the Brooklyn Public Library, and the Queens Borough Public Library. As the city cut budgets, the public demanded that libraries be kept open, and elected officials struggled to do both. The Queens Library’s staff was reduced from over 1,100 to barely 700, with branches open only two or three days a week, with one staff serving both. New buildings remained vacant because the library lacked funds to operate them. When the library proposed closing some branches, …