Report to Congress on the Root Causes of the Foreclosure Crisis

83 Pages Posted: 31 Mar 2010  

Christopher E. Herbert

Abt Associates, Inc.

William C. Apgar

Abt Associates, Inc.

Date Written: January 28, 2010

Abstract

This study of the root causes of the current extremely high levels of defaults and foreclosures among residential mortgages represents the final report to Congress by the Secretary of the Department of Housing and Urban Development (HUD) pursuant to Section 1517 of the Housing and Economic Recovery Act (HERA) of 2008 (P.L. 110-289). The problems in the mortgage market are routinely referred to as a “foreclosure crisis” because the level of defaults and foreclosures greatly exceed previous peak levels in the post-war era and, as a result, have drawn comparisons to the levels of distress experienced in the Great Depression. This report contains a review of the academic literature and industry press on the root causes of the current foreclosure crisis, data and analysis of trends in the market, and policy responses and recommended actions to mitigate the current crisis and help prevent similar crises from occurring in the future.

Keywords: 2010, Mortgages and Mortgage Lending, Publications, Housing Finance

Suggested Citation

Herbert, Christopher E. and Apgar, William C., Report to Congress on the Root Causes of the Foreclosure Crisis (January 28, 2010). Available at SSRN: https://ssrn.com/abstract=1582496 or http://dx.doi.org/10.2139/ssrn.1582496

Christopher E. Herbert (Contact Author)

Abt Associates, Inc. ( email )

55 Wheeler Street
Cambridge, MA 02138-1168
United States

William C. Apgar

Abt Associates, Inc. ( email )

55 Wheeler Street
Cambridge, MA 02138-1168
United States

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