To the White House and Congress: It is Time to Get the U.S. Housing Market Moving Again by "Right Sizing" the Mortgages of American Homeowners
Why is this important?
There are millions of homeowners who, while still employed and fullfilling the obligations of their mortgage commitments, cannot afford to sell their homes due to being "upside down" in their mortgages. They now owe more on their mortgage balance than what they can expect to sell their house for - due to no fault of their own, but caused by the downturn in the American housing market due to the recession. A program of government relief that would REQUIRE banks to "rightsize" these mortgages would allow these homeowners to sell these homes, and jumpstart needed movement in the U.S. housing market and create related job growth.
