PBS NewsHour Features SUN and “A Tale of Two Markets”
Speaking with Economics Correspondent Paul Solman, Cherry notes, "This is the story of a crisis that ‘won’t quit.’ It won’t quit because we are not focused on the difference in how the foreclosure crisis impacts our low-income neighborhoods as opposed to how it impacts our middle- and upper-middle income neighborhoods. In low-income neighborhoods, the foreclosure crisis continues unabated."
Solman also interviews Harvard Business School’s Nic Retsinas, who describes the reasons lenders have been reluctant to reduce principal balances on foreclosed homes.
“I think the lenders have been short-sighted,” Retsinas notes, “And because they have been short-sighted, for the most part, this housing crisis has dragged on and on, and it explains why the recovery is so slow and so laborious.”