With Liberty and Justice for All
We all pledge our allegiance to the flag so we should expect liberty and justice for all.  Unfortunately, in Texas, we are being stripped of our liberty and opportunity for justice through poorly written legislation meant to “help” us. I have spent my adult life upholding the principles of liberty and justice for our country as a member of the US military.  I will be first in line to enforce the principles that have made our country great and I have proven my allegiance.  So I am sure you will appreciate my concern about the absence of liberty and skewed justice being forced on American’s through lopsided opinions of government agencies such as the Texas Residential Construction Committee (TRCC) State -sponsored Inspection and Dispute Resolution Process (SIRP) and government supported Mandatory Binding Arbitration (MBA).  

CONSUMER WATCH: Prescreen home-repair contractors?
Although maybe unintentional the article directs readers to sources that endorse a program which exploits a false sense of security that can be misleading. The end result actually better serves unreliable sources that promote business rather than to serve the good of Texas consumers...Most people understand that the Better Business Bureau (BBB) is in business established to promote its paying members. The Texas Residential Construction Commission (TRCC) was established by the homebuilding industry to promote and protect its dues paying homebuilding business members. The truth is both agencies are self-promoting businesses that exploit the scheme of “consumer protect thyself,” rather than good State Public Policy. Texans have a better chance with a roll of the dice than trusting big business promoters like the BBB, TRCC and this state for advice or help. When it comes to consumer protection Texas is a very high risk state.  Read more, plus comments...

KB Home (KBH) was Recently Dumped by 66 Funds!
See who's dumping KB Home stock...

KB Home (KBH) Completely Dumped by Wessbanco Bank Inc & Gartmore Investment
lONG BEACH (Mffais.com) - Wesbanco Bank Inc completely dumped all - 10,816 shares they owned of KB Home (KBH) as shown by filings made public 07-16-2008. Gartmore Investment Management Ltd completely dumped all -6,900 shares of KB Home. The stock is currently owned by 507 funds/institutions with a total score of 0.04.  With 46.5% of owning funds reported recently buying shares, 10.26% maintaing existing share level and 43.68% selling shares.  Full details for KB Home (KBH) available at http://www.mffais.com/kbh.html.

House Judiciary Subcommittee - 3 Arbitration bills voted out of Committee
Update on the mark-up that occurred this afternoon before the House Judiciary Subcommittee on Commercial and Administrative Law.  All three bills passed!!! The hearing began with Chairwoman Sanchez introducing the Fairness in Nursing Home Arbitration Act... Next up was the Auto Arbitration Fairness Act, H.R. 5312...Lastly, Congressman Johnson introduced the Arbitration Fairness Act, H.R. 3010... 5 - 4. Yes votes were Watt, Delahunt, Johnson, Sanchez, and Cohen. Although Congresswoman Lofgren was not present at the time, she previously stated she would support the bill. No votes were Jordan, Cannon, Keller and Feeny.

New subdivisions have become ghost towns
Did the homebuilding industry really think a market of people who were not qualified to buy new homes was a sound market strategy that would last or that it was good for America in the long term? Unfortunately, Builders greed hurt qualified families who actually invested their life savings for the American Dream in a market that was falsely inflated and doomed from the start. Builders need to stop the whining. Builders created this mess and now demand federal bailouts instead of jail time.  Janet Ahmad, Home Owners for Better Building.  Read article & Comments...

Congress Considering Legislation to Ban Arbitration Clauses
The House Judiciary Committee is set to move as early as July 16 on the Arbitration Fairness Act, a bill reported out of the panel's Subcommittee on Commercial and Administrative Law. Sponsored by Rep. Henry C. Johnson, D-Ga., H.R. 3010 would make significant changes to the 83-year-old Federal Arbitration Act. The measure bans predispute arbitration agreements from being enforced in employment, consumer and franchise disputes, as well as any disputes arising under civil rights law or under laws intended to "regulate contracts or transactions between parties of unequal bargaining power." If passed, the law also would leave determinations on the enforceability of arbitration agreements to federal courts, rather than private arbitrators.

Law skewed in favor of builders
For the past two years, I've offered a bill in the state Senate that attempts to level the playing field between home buyers and builders. My bill, widely known as the Homebuyer Bill of Rights, would give rights to Washingtonians that most presumed they already had -- the right to bring a builder to court to recover damages for shoddy work... In fact, under current law, fewer than 1 percent of Washingtonians currently have this right. These lucky few are generally those with the means and foresight to hire a lawyer to draft a contract governing the rights and obligations between the home buyer and the contractor or builder. Since virtually no one in Washington hires a lawyer when buying a home, home buyers unwittingly sign whatever is handed to them. They do this at their risk because Washington law does not protect them.

Mortgage Industry Warchdog or Lapdog - By Nick Anderson, Houston Chronicle's editorial cartoonist

Fed draws up new rules for mortgage lenders
The Federal Reserve Board Monday unveiled rule changes intended to curb deceptive mortgage lending practices, most of which will take effect in October 2009 and apply to all lenders whether they are supervised at the state or federal level...The most stringent new rules put forward by the Fed apply only to high-interest-rate loans. They include restrictions on prepayment penalties and requirements that lenders set up escrow accounts to collect payments for property taxes and homeowners' insurance on first-lien loans. The escrow requirement won't be phased in until 2010 to allow lenders time to adapt.