Green, Ginna


Communications Manager at Center for Responsible Lending, a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices.

California Economic Outlook: Greater Foreclosures Loom, Threaten Economic Recovery.

By Caryn Becker and Ginna Green
Center for Responsible Lending

This article is adapted from the Center for Responsible Lending’s recent policy brief, California Economic Outlook: Greater Foreclosures Loom, Threaten Economic Recovery.

The crisis continues.

In California and across the states, we continue to be battered by the effects of foreclosures in our communities. Clearly, the voluntary efforts of lenders and servicers to modify the nation’s millions of troubled mortgages are inadequate: by the end of 2009, we expect to see 3 million foreclosure starts, 568,000 of them in California alone. 

But recent assessments and reports from policy analysts, industry insiders and the media suggest that the catastrophe is over in the Golden State: a bottoming of the housing and stock markets, the end of the recession, and the “green shoots” of recovery are supposedly all on the horizon. But the crisis is far from over in California.