Newsweek, June 8, 2021, Joe Biden Could Stop Post-Pandemic Foreclosure Crisis—or Repeat Obama’s Big Mistake
When Americans started facing the threat of foreclosure at the height of the 2008 financial crisis, Barack Obama campaigned on a promise of a simple, straightforward, and elegant solution: Force big banks to accept some losses and write down the amounts homeowners owed on their mortgages, thereby avoiding mass foreclosures. Soon after winning office, Obama abandoned the pledge, to the delight of his Wall Street donors.
Now, new data suggests that had Democrats instead used their congressional majorities to deliver relief, they could have rescued hundreds of thousands of families who were thrown out of their homes—while Obama’s administration was bailing out the banks.
