The financial meltdown caused by the housing crisis is prompting action from some lawmakers who want to make sure it never happens again.
State Senator Lena Taylor (D-Milwaukee) says they want to make sure future generations understand the risks of home loans. She says one cause of the foreclosure crisis is that many people didn’t understand the types of loans they were accepting and what other options were available to them.
Taylor is sponsoring legislation that would require information about mortgages to be included in courses that teach students about financial literacy. She says educating children about how to make one of the largest purchases in their lives is incredibly important.
The Milwaukee Democrat says the information could be vital for those who may not understand the basics of buying a home. Even if they don’t understand math well, Taylor says they need to be literate about their personal finances.
The legislation is being considered by a Senate committee. The Assembly already approved a version of the bill.
AUDIO: Andrew Beckett reports (1:03)