As higher education costs continue to increase faster than most consumers’ income, college loan debt has now topped $1.2 trillion. Even so, most consumers would agree that its cost is worth the chance to climb the ladder of economic mobility.
Since the onset of the foreclosure crisis, research reports from esteemed universities and policy institutes have documented what went wrong. A new report offers us a different perspective, one that views the creation of a strong middle class as the solution for strong economic growth.
In the aftermath of more than 2.5 million foreclosures, the Federal Housing Administration is now offering a homeownership program that will put previously troubled borrowers on a fast-tracked return to the homeownership market. The new program, known as “Back to Work – Extenuating Circumstance,” cuts the standard three-year waiting period to only 12 months.