BROOKINGS EVENT: Addressing the Foreclosure Crisis: A Hamilton Project Policy Discussion

WASHINGTON, March 6 /PRNewswire-USNewswire/ -- The following is being issued by the Brookings Institution:

Addressing the Foreclosure Crisis: A Hamilton Project Policy Discussion

Friday, March 14, 2008, 11:00 a.m. - 1:00 p.m.

Falk Auditorium, The Brookings Institution, 1775 Massachusetts Avenue, NW, Washington, DC

With house prices down, many Americans now owe more on their mortgages than their homes are worth - a problem referred to as "negative equity." In addition, interest rate resets on select subprime and traditional loans will result in even higher mortgage payments for many families already struggling to make ends meet. The results of these conditions are already apparent, with foreclosures in January 2008 up 57 percent from the year before. Without new and effective public policy, some experts project that 2 million families will lose their homes during the next two years - an outcome that would hurt communities while causing broader collateral damage for the economy, jobs and wages.

Congress and the Bush administration are considering a broad array of proposals to address the current housing crisis, ranging in scope from minor adjustments to the mortgage-market to the creation of a federal agency to handle widespread refinancing of mortgages. However, the question of which policy provides the most effective remedy - while balancing the associated costs and risks - remains unanswered.

On Friday, March 14, The Hamilton Project at Brookings will host a discussion on proposed policy responses to the mortgage-foreclosure problem. Former U.S. Treasury Secretary Robert E. Rubin will give welcoming remarks followed by former U.S. Treasury Secretary Lawrence H. Summers, who will provide an overview of the mortgage landscape and its broader economic implications. A roundtable discussion, including Michigan Law School Professor Michael S. Barr, Brookings Senior Fellow Douglas W. Elmendorf, and NeighborWorks America CEO Kenneth D. Wade will evaluate several specific proposals for ameliorating the mortgage-foreclosure problem and will propose next steps for consideration.

Welcome
Robert E. Rubin
Citigroup Inc.

Opening Remarks
Lawrence H. Summers
Harvard University

Roundtable Discussion
Michael S. Barr
University of Michigan Law School

Douglas W. Elmendorf
The Brookings Institution

Kenneth D. Wade
NeighborWorks America

To RSVP, please call the Brookings Office of Communications at 202.797.6105, or visit http://onlinepressroom.net/brookings/new.

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Source: Brookings Institution

CONTACT: Brookings Office of Communications, +1-202-797-6105

Web Site: http://www.brookings.edu/

2008-03-06 17:29:43 0306863 PRNEWSWIRE