Wednesday, Aug 31 2011 3:20PM
Senator Jeff Merkley of Oregon wrote a letter to President Obama asking that the White House spend more time resolving the foreclosure crisis.
Senator Jeff Merkley of Oregon recently stated President Barack Obama must spend more time repairing the nation's foreclosure crisis as part of his new plan to create jobs.
In a letter to the president, Merkley applauded President Obama for attempting to create new employment opportunities nationwide. However, he said aiding the country's foreclosed homeowners should be a top priority moving forward.
"We can and should adopt an aggressive strategy to reduce foreclosures nationally," said Merkley. "There are as many as 5 million foreclosures anticipated to come - this is a huge tragedy for individual families but it is also a drag on our communities and our economy."
Merkley added the increase in distressed filings in the past few years has led to a decrease in spending for many homeowners, which has affected hiring nationwide.
A report by the International Monetary Fund states foreclosures have had an impact on the nation's jobless rate. According to the report, the country's foreclosure issues have added roughly 1.25 points to the unemployment rate.