• Vince O’Donnell

    Spencer Wells shines a much-needed light on the disconnect between community-based efforts to manage the continuing consequences of the foreclosure crisis, and a narrow view of GSEs’ fiduciary duty. In the late 1970s, Boston tenants similarly faced displacement due to HUD’s perceived fiscal duty after foreclosure of subsidized multifamily housing. The solution, with help from then Senator Brooke (R), was to clarify HUD’s mandate through common sense legislation. That’s an unlikely solution today, given Congressional gridlock, but as the GSEs’ regulator, HUD should show leadership and institute guidelines that make clear that the public purpose of restoring communities should not take a back seat to maximizing returns.

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