Compact for Home Opportunity
What America Can Do to Stop Foreclosures and Fulfill the American Dream
Access to an affordable home under fair and sustainable terms is crucial to our economic security and central to the American Dream. But misconduct by banks and lenders, inadequate rules and enforcement, and record unemployment rates are robbing millions of Americans of their homes and security while ravaging whole communities and holding back our national recovery. Clear solutions exist that can prevent foreclosures and restore communities today while repairing the American Dream into the future.
We propose here a Compact for Home Opportunity, designed to stem foreclosures, restore affected communities, protect fair housing and lending, and ensure that home ownership and affordable housing are accessible pillars of American opportunity into the 21st century. We call upon policymakers, industry leaders, and everyday Americans to adopt these solutions to our housing and financial crisis, and to insist on the implementation and accountability necessary to make them effective.
The Compact for Home Opportunity encompasses both urgently-needed remedies and important long-term reform, in five related categories:
- Preventing foreclosures
- Ensuring fair and sustainable mortgages
- Restoring neighborhoods
- Rebuilding economic security
- Fostering fair housing
Adopting the steps described in this report will save hundreds of thousands of homes, restore devastated neighborhoods, strengthen communities, and help families around the country rebuild their economic security. In doing so, it will help repair our economy and restore the promise of opportunity and the American Dream well into the 21st century.
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