The California Mortgage Crises and the Importance of Responsible Lending

An August report, Dreams Deferred: Impacts and Characteristics of the California Mortgage Crises, by the Center for Responsible Lending addresses the home foreclosure crises in California. The report states that while nationally one out of every ten homes with a mortgage is currently under some form of foreclosure, in California the number is much higher at one in eight homes. The report provides background on the national foreclosure crises as well as detail on the mortgage crises in California, including geographic and demographic information.

This resource is a great place for policymakers to get a straightforward explanation of the events that lead to the mortgage crises as well as concrete policy recommendations. The report includes recommendations that fall under three major policy categories: prevent avoidable foreclosures, take steps to improve the consequences of foreclosures being experienced by the families and communities directly affected, and implement policy to prevent a similar crisis in the future.

For more information on reducing home foreclosures.