As the housing crisis continues to worsen, there’s growing concern that Americans could lose their homes as a result of a lack of mortgage insurance, according to a new report from the Center for Responsible Lending.
The Center for Consumer Freedom’s “Risk and Compensation” report finds that the percentage of people with mortgage insurance in the U.S. has declined since 2009, with a significant drop for homeownership.
The report’s author, Brian Boesing, is an economics professor at Harvard.
He says the government’s efforts to address the crisis have done little to help consumers save for a down payment, and he thinks there’s still a long way to go.
Boesening, who was a lead author of the report, says it’s “very likely” that many people will have to move out of their homes during the crisis because they cannot afford a downpayment, but that there are no guarantees that those people will not lose their houses in the process.
“The financial collapse of 2009 is probably the single greatest risk to the long-term viability of the U