CA Event: The Subprime/Foreclosure Crisis

The U.S. economy has been gripped by a relentless housing crisis for almost two years. A key driver in this crisis has been the many subprime mortgages that involved high rates and fees -- often requiring no down payments -- that were made in the past several years. California is ground zero in the subprime crisis and the resultant spillover effects -- foreclosures, bankruptcies, decreasing property values to name a few. Recognizing that relying on the market alone is unlikely to bring an end to the crisis, the U.S. Congress and the Bush Administration are currently debating federal responses. Meanwhile, some states, including California, are undertaking their own initiatives.

This special session will feature Jeff Crump, professor at the University of Minnesota who has been quarterbacking reform efforts in Minnesota. Reporting on California initiatives at the state and local level are Kevin Stein, Associate Director of the California Reinvestment Coalition, and Tia Boatman-Patterson, Special Assistant to the Speaker. Policy initiatives undertaken by the state and federal government will also be discussed.

This event is co-sponsored with the University of California Center at Sacramento.

Participants

Featured Speakers

• Leif Wellington Haase
  Director, California Program, New America Foundation

• Jeff Crump
  Associate Professor, College of Design, University of Minnesota

• Kevin Stein
  Associate Director, California Reinvestment Coalition

• Tia Boatman-Patterson
  Special Assistant to the Speaker, California State Assembly

• Gary Dymski
  Director, Univerisity of California Center at Sacramento and
  Professor of Economics, UC Riverside

Related Links

• Jeff Crump's PowerPoint Presentation (PDF, 13 pps.)
• Kevin Stein's PowerPoint Presentation (PDF, 14 pps.)
• Tia Boatman-Patterson's PowerPoint Presentation (PDF, 11 pps.)