Law Commons^™

Crisis Management: Principles That Should Guide The Disposition Of Federally Owned, Foreclosed Properties, Raymond Brescia, Elizabeth A. Kelly, John Travis Marshall

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Residential home values in the United States have fallen considerably from their highs in the mid-2000s. This has had profound effects on consumer wealth and spending, creating a significant drag on the U.S. economy. What is worse, this loss in values corresponded with a steep rise in unemployment, which started in late 2007, and has yet to fall considerably. The loss in home values has wreaked havoc on household finances, and bank ledgers, as the outstanding principles of the mortgages those banks hold and service all too often exceed the current value of the homes against which they are secured. …