FDR Solves the Mortgage Crisis
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"Here should be an objective of Government itself, to provide at least as much assistance to the little fellow as it is now giving to the large banks and corporations."--Franklin D. Roosevelt, April 7, 1932
The burgeoning home-mortgage crisis of 2007 bears an eerie resemblance to financial conditions 75 years ago, when FDR realized that only the U.S. government could forestall a wave of home foreclosures by directly helping "the little fellow." Today, homeowners can only hope that something akin to Roosevelt's New Deal answer to the home-loan crisis of the 1930s--direct lending to homeowners--is embraced by policymakers once again.
Read more here.This article was originally published in The New Republic.
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