To do that, Ohio Congressman Marcy Kaptur and economist Dean Baker have some smart ideas. They argue that the proper role for the federal government is not to fund mortgage negotiations but to insist that banks -- many of which have already collected billions in taxpayer dollars -- carry them out.
Short of that step, ACORN head Bertha Lewis proposes a short-term ban on mortgage foreclosures during the period when the Obama administration is implementing its plan and seeking legislative approval for key components of it.
"With 8 to 9 million Americans on the verge of losing their homes in the next four years, the nation's housing crisis demands leadership commensurate with its enormous scale, and we got that today from the Obama Administration," says Lewis. "These effective sticks and carrots will do the job that the previous all-voluntary efforts have failed to do, and help prevent millions of unnecessary foreclosures once fully operational and enacted in law. Until that time, however, there should not be a single foreclosure on any family that could benefit from this comprehensive housing plan, so we need a thorough, binding moratorium."
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