May 26th, 2009
Foreclosures? “It’s Going to Get Worse”
Morris Davis, an assistant professor of real estate at the Wisconsin School of Business, was quoted recently in a front-page article in the New York Times on how job losses are pushing safer mortgages into foreclosure.
Davis, along with two other real estate professors from Wisconsin, Stephen Malpezzi and François Ortalo-Magné, have developed a proposal aimed at preventing homeowners nationally from defaulting on their mortgages. Dubbed the “Wisconsin Foreclosure and Unemployment Relief Plan” (WI-FUR), it would expand and combine two established programs—unemployment insurance and housing vouchers—to provide immediate relief and prevent a new wave of foreclosures of recently unemployed workers.
Read more about the Wisconsin Foreclosure and Unemployment Relief Plan.