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Henry Cisneros, former Secretary of Housing and Urban Development, weighs in on the foreclosure settlement and housing problems.
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-- cisneros former secretary of housing and urban development under President Clinton he joins us now to talk a little bit more about.
Housing what -- start that would list is talk about this for what do you make of this whole foreclosure settlement business.
Well I think the foreclosure settlement was important and it is a good thing that the states are gonna have this sum of money to work with but I agree with the previous.
Speakers considered ought to be used for foreclosure prevention and other housing related measures.
That's where the money came from from.
Unfairness that was created.
In the housing markets.
Every state in America still has housing problems right than -- that the clearest focus is the overhang of foreclosed properties.
Which are the comparison for new construction -- for new construction could not be done because it can't be.
It can't compete with these discounted foreclosure sales they're bringing down property values all across America.
If cities and states were Smart they would use this sum of money for that purpose it instead of spreading it out across a whole different number of uses and having nothing to show -- in the long.
It is an interesting discussion given where we are in the economic cycle -- recovery that you look at certain.
Data points and there's no doubt the economy's getting better -- of the jobs even.
The data started to get better but as you say housing is still a problem which brings up this point should we just wait for the economy to get better.
Or will it never truly recover without a recovery in housing because that's the whole debate do we need to -- more bailouts or can we sit back and wait.
I'm on the latter.
Camp that says it's not going to get better.
We're not gonna have a robust economic recovery.
Without the housing sector being -- -- since the end of World War II we have not had a recovery that was strong.
If the housing sector -- deleted and in this one is not only not leading.
But it is lagging behind.
Furthermore we have these other problems like the European debt crisis the potential slowdown in China.
We're not out of the woods with -- respect to this economy a fair number of economists.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Mediation on on on credit.
Things like foreclosure.
Issues.
Getting some of this housing stock is hanging out -- converted to rentals.
So -- we get it out of circulation.
We have a -- problem as it is in rebel pricing there's a lot of things that could be done in fact I serve on a bipartisan policy center commission that met this week.
And set forth about forty things that don't don't involve legislation right therefore it's not election year politics.
And don't involve no appropriations that we can.
Practically do end and make a difference so on the in the housing sectors are former housing secretary Henry Cisneros.
Thank you -- coming out.
Thank you.
