Been testifies before House committee on subprime mortgage crisis

The Wall Street Journal reports that Vicki Been, Elihu Root Professor of Law and codirector of the Furman Center for Real Estate and Urban Policy, testified on May 21 before the House Oversight and Government Reform Committee about the dangers the subprime mortgage crisis presents to renters as well as owners. She asserted that 60 percent of foreclosures in New York City came in multifamily properties, threatening to displace 15,000 tenants. May 21, 2008