There are two important considerations that are different from 2001: first, the most severe impact this round will be at the local--not the state level, because the most severe impact arises from the significant downturn in property tax revenues--the single most important source of own-source revenues for local governments and school districts. In addition, foreclosed properties immediately impose cost burdens on local governments, in terms of public safety (the need to secure the property within 24 hours) and the need to provide shelter to families that have lost their homes. Moreover, this round, it appears that federal policies--or "impolicies" bear responsibility for these shattered local economies--that is, failures by the Securities and Exchange Commission and the Federal Reserve to provide for transparency in the mortgage financing business and in failing to recgnize the emerging bubble encouraged by monetary policies. Second, it is important to point out that the package--at the insistence of Chairman Barney Frank and Rep. Jim Moran specifically includes $500 million for mortgage counseling, the only direct spending measure in the package. This provision was included after consultation with the Governors in recognition that counseling in many states secured opportunities for large percentages of families to retain their homes.