'Beyond the Mortgage Meltdown' - New Report Analyzes Dodd/Frank Plan and Calls for Additional Steps to Address the Housing Market Crisis

Moody's Economist Mark Zandi and Home Loan Bank President Alfred DelliBovi Join Report Author James Lardner at 6/25/08 National Press Club Event; *Teleconference Included

The following is being issued by Demos: A Network for Ideas & Action:

WHERE:

National Press Club
14th Floor, Lisagor Room
529 14th Street, NW
Washington, DC

*TELECONFERENCE PARTICIPANTS:

Dial in number: (888) 491-8283

Conference ID: 53531509

WHEN:

Wednesday, June 25, 2008; 1-2pm EDT

WHAT:

Press conference to announce the findings of new report, 'Beyond the Mortgage Meltdown: Addressing the Current Crisis, Avoiding a Future Catastrophe' issued by Demos, a non-partisan public policy center.

Also included: analysis of soon-to-be-approved rescue bill sponsored by Senator Christopher Dodd, Senator Richard Shelby and Representative Barney Frank.

BACKGROUND:

A year into the story of the subprime mortgage meltdown, Congress is poised to act. Breaking a long deadlock, House and Senate leaders have united behind a version of the Dodd/Frank plan, which could help upwards of 500,000 families hold onto their homes.

With bipartisan support, the measure is expected to pass both houses of Congress before the end of June and reach the President's desk in early July.

In a wide-ranging new report, 'Beyond the Mortgage Meltdown,' Demos:

-- Analyzes the strengths and weaknesses of the Dodd/Frank plan
-- Assesses the magnitude and continuing peril of the housing market
crisis
-- Explores the hidden history of the housing market bubble
-- Documents the enabling role of federal agencies and officials in the
subprime boom-and-bust
-- Makes the case for additional steps to contain the foreclosure
epidemic and aid beleaguered states and localities
-- Calls for new rules and new oversight machinery for the mortgage
market

PANELISTS:

JAMES LARDNER is a senior fellow at Demos and author of the 'Beyond the Mortgage Meltdown' report. Mr. Lardner is also one of the co-authors of the newly published book, 'Up to Our Eyeballs: How Shady Lenders and Failed Economic Policies are Drowning Americans in Debt.'

DR. MARK M. ZANDI is Chief Economist and Co-Founder of Moody's Economy.com, where he directs the company's research and consulting activities. Moody's Economy.com is an independent subsidiary of the Moody's Corporation providing research and consulting services to businesses, governments and other institutions.

Dr. Zandi has appeared on ABC News, Wall Street Week, CNN and CNBC. He received his Ph.D. from the University of Pennsylvania and his B.S. from the Wharton School at the University of Pennsylvania.

ALFRED A. DELLIBOVI is President of the Federal Home Loan Bank of New York, where he serves as CEO of a $100 billion wholesale bank serving thrifts, savings banks, commercial banks and credit unions. Mr. DelliBovi directs the Bank's overall operations to facilitate the extension of credit products and services to 300 neighborhood-based lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.

Mr. DelliBovi served in the administration of George H.W. Bush as Deputy Secretary of the U.S. Department of Housing and Urban Development. He has earned national recognition as an authority on banking, the lending industry, housing, and public finance.

OPENING REMARKS and INTRODUCTIONS:

MILES S. RAPOPORT is the President of Demos and a former Secretary of the State of Connecticut, where he was also a state legislator for over a decade.

RSVP/NOTE TO MEDIA:

If you plan to attend in person or by teleconference, please RSVP to Tim Rusch, Demos, at trusch@demos.org or by calling (212) 389-1407. On the day of the event, hard copies of 'Beyond the Mortgage Meltdown' and free copies of 'Up to Our Eyeballs: How Shady Lenders and Failed Economic Policies Are Drowning Americans In Debt' (uptooureyeballs.com) will be available at the press conference. Also, pdf copies of the study will be available for download at Demos.org along with a full press release. If you would like to schedule an interview with an author or panelist after the press conference, please contact Tim Rusch at number below. Legislative and policy-related questions may also be directed to Caleb Gibson in Demos' Washington DC office: cgibson@demos.org or (202) 587-1630.

Refreshments will be available during the press conference.

CONTACT: Tim Rusch of Demos, +1-212-389-1407, trusch@demos.org

Source: Demos: A Network for Ideas & Action

CONTACT: Tim Rusch of Demos, +1-212-389-1407, trusch@demos.org