In these times of great economic instability and suffering, it’s imperative that the government intervene in the market economy. The predatory practices of banks and brokers must be curtailed. It is up to our government, state and federal, to rectify the suffering of millions of Californians who were lied to, duped and outright taken advantage of for the sake of profit. Republicans have spouted a seductive line of laissez-faire economics and limited government. The result is the greatest economic crisis since the Great Depression.

To help families keep their homes and the life savings invested in them, Dominic Caserta proposes:

• Subsidizing the rates of buyers who bought homes under subprime rates.
• Launching a statewide investigation into which institutions committed fraud and outright theft against unsuspecting home buyers, with a goal of financial restitution.
• Temporary housing subsidies to help people through this difficult time. If we can give Exxon tax breaks and subsidies, we can certainly help struggling homeowners.
• Legislation that allows first-time buyers with low incomes to set up an account, like an IRA, where they can put aside tax-free-money for a home purchase. The law would include a program in which the government matches the savings up to $5,000 a year. The money would come through a bank tax on the purchase of higher-cost homes.
• A statewide program that provides lower rates for first-time buyers.

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