Los Angeles Times Features Op-Ed by Elyse Cherry

Friday, October 28, 2011

Boston Community Capital's CEO, Elyse Cherry, wrote an op-ed which ran in the Los Angeles Times on October 28th.  The op-ed titled, "A realistic fix for the mortgage crisis," addresses President Obama's recent announcement to reduce interest rates, explaining that while this initiative won't help the millions of homeowners already in or facing foreclosure, BCC's SUN Initiative can.  This op-ed was also named by The Atlantic as one of the day’s best columns, in its round up of national newspapers and blogs.

Cherry writes, "President Obama recently announced that the federal government will take steps to reduce interest rates on mortgages for some existing homeowners. Unfortunately, that won't help millions of U.S. homeowners already in foreclosure and millions more about to join them."

"The current foreclosure crisis is not due to poor choices by individual homeowners. Most people caught up in it fell prey to a national bubble and bad lending practices. These taxpayers — schoolteachers and medical technicians, salesclerks and mechanics, veterans and parents of soldiers in Iraq and Afghanistan — are often simply people who got in over their heads. They deserve a second chance."

Read the Los Angeles Times op-ed