Frank Alexander, a law professor at Emory University, describes that HR 5818 focuses on neighborhoods and the innocent victims of home foreclosures and vacancies, not on foreclosure prevention like the stimulus package under consideration in the Senate. (0:54)
The negative effect on neighborhoods caused by vacant homes, foreclosed due to subprime mortgages, was discussed at a joint hearing of the House Domestic Policy Subcommittee and the House Housing and Community Opportunity Subcommittee. Support was expressed for HR 5818, a bipartisan bill that gives $15 billion to communities that have been devastated by increased housing vacancy; a bill President Bush has said he will veto. (more…)
