DSNews Interviews Elyse Cherry in "A Tale of Two Recoveries: How Will Changes to DASP Effect Homebuyers?"
Kendall Baer, the online editor for DSNews, interviewed BCC CEO Elyse Cherry on HUD's Distressed Asset Stabilization Program and what it could mean for underwater homeowners.
"[Principal reduction] is not just beneficial for the lender and homeowner, but it really goes a distance towards stabilizing neighborhoods if we can actually keep people in their homes. To the extent that the new home relations really require principle reduction as a first step in the negotiation with the homeowner, I think it creates an opportunity to get homeowners back to right-sized mortgages consistent with what the market is and what they can afford in a way that is no less detrimental to the lender, perhaps even beneficial to the lender, and includes the benefit of stabilizing neighborhoods."
Read the full article, "A Tale of Two Recoveries: How Will Changes to DASP Effect Homebuyers?"