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“We Need To Come Together On This One…!”
By Sherman Ragland | July 25, 2008
As a reader of this Blog (http://www.TheRealinvestor.com) you know how important it is for the Leadership in Washington to GET IT TOGETHER to fix the mess created by the housing/credit policies of the Bush Administration over the past seven years, which have led to the collapse of the private sector mortgage market.
DETRACTORS: Before you say a word: The Bush Administration Facts Speak For Themselves: “Home Ownership For Everyone…” Coupled with: “Let the Private Capital Markets Go UnRegulated…” lead to homeowners with less than 650 FICO scores getting 110% of (Inflated value) loans…
And yes, we as investors took full advantage by liquidating our rental portfolios in low income neighborhoods and shifting from being “investors” to Rehabbing/Flippers…
And when the bottom fell out for those on the lowest rung of the economic ladder, it fell out for the rest of us too.
Bush’s severe denial over the past year that he and his team had anything to do with this, his position that “the Government will not bail out the speculators…” and his early decisions to do nothing to restore stability to the housing credit markets are the principal reason why most home builders have publicly stated that the housing market has moved passed a recession and into a depression with many home builders in early stages of bankruptcy.
Fortunately, members of Congress (in both parties) recognize what our President seems to NOT UNDERSTAND: “You Screw Up The Housing Market – You Screw Up The Broader Economy…” They have begun to fill the “Leadership GAP” created by our lame duck president and have told the president that they will be passing a Housing Rescue Bill to attempt to bring stability to the housing market and in doing so bring stability to the broader economy.
Today the house of Representatives in Congress passed their version of the bill and this weekend the Senate is suppose to host a special session to bring their voice to the table.
Please make time to CALL your US Senator and let them know that you want to see this bill passed.
We will not get passed the Mortgage Meltdown without the US Government stepping in, in the same manner in which they stepped in to BAIL OUT Wall Street Firms earlier this year, “…To Bring Stability to the US Financial Markets”.
Here is a piece from the National Association of Realtors who are also calling upon their 1.2 million members to also call on members of Congress to move this bill forward and get it on the President’s desk for his signature.
To contact your Member of Congress, please go to:
http://www.senate.gov/ and search in the upper right corner, then send them an email asking them to support H.R. 3221, The American Housing Rescue and Foreclosure Prevention Act of 2008 when it comes to the Senate.
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Tags: bush administration, department of housing, george bush, home ownership, president, sherman ragland, sub prime, us congress
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