The purpose of this paper is to lay out the range of responses to the foreclosure crisis in which local organizations … communities or to improve access to sound and affordable mortgage credit. While these are critically important and complementary …

This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be … done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on the mortgage … illustrate that "unaffordableʺ loans, defined as those with high mortgage payments relative to income at origination, are …