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Necessary but Insufficient: Principal Reduction as a Response to the Housing Crisis

There is an overwhelming consensus right now that we face a severe market failure with regard to housing. One industry expert recently testified before Congress that, unless something is done about it, 8 to 10 million more homeowners will lose their homes to foreclosure(1). That is 1 in 5 owners with an outstanding mortgage, and in addition to the 8 million owners who have already lost their homes to foreclosure since 2007.

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