NCRC Urges Obama Administration To Mandate Loan Principal Reductions By Lenders & Ignore Calls For A “Do Nothing” Approach On Housing

Washington, DC – September 7, 2010 – (RealEstateRama) — National Community Reinvestment Coalition (NCRC) president & CEO John Taylor today urged the Obama Administration to ignore calls by some housing experts to “do nothing” on housing recovery. Instead, Taylor said the Administration should mandate loan principal reductions by mortgage lenders to prevent more foreclosures from throwing people out of their homes and flooding the market with vacant houses