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Excerpt: Before 1999, if homeowners faced foreclosure it was typically due to a life event - medical bills, divorce or unemployment. In the past decade, millions of homeowners have been unable to pay back their mortgage debt because of the terms of the mortgage itself - little or no money down, negative amortization, or rapidly increasing payments. To prevent the fire of exotic loans from burning down the house, we must restore the traditional mortgage to its central role in the housing market.
I work for Neighborhood Housing Services of New York City, part of a national network of 235 nonprofit housing groups chartered by NeighborWorks America. NHS was founded in 1982 partly as a response to redlining by banks...
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