Report: States strengthen response to foreclosure crisis

The Pew Center on the States has released a report saying that states are ramping up their response to the housing crisis. Susan Urahn, the center’s managing director, says that states are moving in the right direction but it will take a concerted effort by states and the federal government to keep homeowners in their homes and to prevent predatory lending practices.

Some of the tools states are using include:

• New legislation
• New programs
• Limiting high-cost lending
• Curbing foreclosures

According to the report: 1 in 33 homeowners is projected to experience foreclosure in the next two years as a result of subprime loans from 2-3 years ago.

Click here for the full report.

Click here for a 50-state chart of reforms.