Syon went on to say "These steps are focused on helping individual people, and it will help the market. But once you get one of these market dynamics going, you don’t reverse them without it taking some time .... They’ve got to play themselves out.”
"U.S. home prices fell 1.5 percent in February from a year ago, the steepest decline in nearly 15 years, according to a housing index released Tuesday by Standard & Poor's."
"San Francisco and Boston have recorded negative returns on a month-over-month basis since last May. Seattle and Portland, Oregon, meanwhile, have consistently resisted the downturn."
"Schumer said that he and others would be proposing that "hundreds of millions of dollars" of federal funds would be directed to helping community-based groups work with borrowers to avert foreclosures. The report also urged that underwriting rules be strengthened on the federal level and that standards for the education and licensing of mortgage lenders be established."