WASHINGTON, D.C. – U.S. Congressman Bob Filner signed onto a letter today calling for stepped up efforts to stem foreclosures. In the letter to Treasury Secretary Tim Geithner, Congressman Filner, along with more than two dozen House members, criticized the lack of progress in curbing the number of home foreclosures and dealing with their impact on the economy.
The letter in part reads, the “failure to take effective actions to manage the avalanche of home foreclosures is one of the great public policy failings of our time.”
“What’s being done isn’t working,” said Filner. “We are asking for efforts to be redoubled and for them to think outside the current program. We just can’t wait any longer for them to try to retool what they are doing. We need to try something else.”
Instead of relying on voluntary programs, the lawmakers recommend creating a new program to purchase mortgages. The program would be modeled after the Home Owners Loan Corporation and given the authority to tackle today’s foreclosure crisis.