Two Million Subprime Mortgage Homes Foreclosured

U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC), released a report today analyzing the greater financial impact of the subprime foreclosure boom.

The JEC report entitled, The Subprime Lending Crisis: The Economic Impact on Wealth, Property Values and Tax Revenues, and How We Got Here reveals that families, neighborhood property values, and state and local governments will lose billions of dollars as  two million subprime mortgage homes are foreclosed. 

The subprime fallout report argues in favor of foreclosure prevention, which can save the economy billions in housing wealth and ease falling housing prices. 

Sen. Schumer was joined by Senators Amy Klobuchar (D-MN), Sherrod Brown (D-OH) and Rep. Carolyn Maloney (D-NY), the Vice Chairman of the Joint Economic Committee. 

The JEC report is the first of its kind to project economic costs on a state-by-state basis from the third quarter of 2007 through 2009.

(source=jec.senate.gov)