It is the holidays, and I have just launched the web site of a newly formed project, HouseStories.
It is an unconventional approach and makes a slight shift in the way financial markets work.
If is not perfect, and a bit clumsy. It may be so because it is looking at the markets, and the housing crisis, through the lens of the humanities.
I thought it might be of interest here, as we are just starting our initial fund raising campaign, which will allow us to begin to fund 100 proposals, and perhaps keep 100 people in their homes. We hope to reach our first benchmark by the end of 2008.
The idea is simple: to build a "library", or collection, filled with architectural models that have been translated into books along with a collection of the stories of the plights from the pool of 4 million+ distressed home owners in the United States, and the millions of others across the globe. Why? Because the common story just doesn't make sense--that 4 million plus people did not read their loan documents, or were too greedy, and so took on too much of a home. We believe it is an unprecedented global crisis. And a cultural history we want documented, with the voices of those who suffered through it, rather than the ramblings of financial pundits, or bank CEO's who are positioned to profit when the market turns upwards.
Wealthy investors such as John Paulson, and the Blackstone Group, another hedge fund with their cutely named and mocking PennyMac, and many others would secretly disagree with the mainstream media about the black hole of home equity. They are buying up distressed mortgage assets, and properties and have been planning on doing so for a while now. Paulson made millions profiting on the downside of the "subprime crisis". Now he'll profit from the upside as well.
The "books" will be sold and the proceeds used to provide grants to homeowners, to make mortgage payments, keeping them from the need to enter into unethical loan modifications, or losing their home to foreclosure. It seems for once, the "every man" should be able to remain immune from the manipulations of market cycles.
Please take a look, and help us spread the word and work.
HouseStories:
http://housestories.org
