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September 27, 2012

U.S. Senator Jeff Merkley to discuss rebuilding the housing market in UO talk

As the recession goes on, more and more homeowners are facing possible foreclosure or simply dealing with a house that may never again be worth as much as they paid for it. Oregon's U.S. Senator Jeff Merkley has come up with a proposal to ease the pain of these homeowners, and he'll discuss it in a free public lecture in Eugene. 

"Rebuilding Homeownership: The Subprime Crisis and the Path Forward," takes place at 4:30 p.m. Tuesday, Oct. 9, in the University of Oregon's Erb Memorial Union Ballroom. It is sponsored by the university's Wayne Morse Center for Law and Politics.

"Housing remains the largest impediment to economic recovery, but national policies have been weak or ineffective," said Wayne Morse Center Director Margaret Hallock. "Senator Merkley is working to fill the policy void with a creative proposal to helphomeowners."

Media outlets and economists have lauded the proposal as an innovative step in the right direction. A recent New York Times editorial praised it as a way to "speed the healing" of the broken housing market.

"America's economic recovery is being held back by $700 billion in negative equity in the housing market," said Dr. Joseph Stiglitz, professor of economics at Columbia University. "If adopted, this proposal would help to stabilize the housing market, create new jobs, and boost our overall economy."

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