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OH NO! NAHB Lobbyist & Congress for MORE BUILDER MONEY
Saturday, 29 May 2010

OH NO!  Too Perverse to Fail
HR 5409, the Residential Construction Lending Act. Sponsors: Brad Miller, D-N.C., Carolyn Maloney, D-NY, and Joe Baca, D-CA. NAHB lobbies for govt guarantee of development loans, (i.e. taxpayer guaranteed?). Already, we have a mortgage-interest-tax deduction, the recent home-buyer tax credits, mortgage-modification programs, the $100 billion-plus bailout of Fannie Mae and Freddie Mac, and the Fed's $1.25 trillion purchases of mortgage-backed securities.  Google: Home Builder Fraud for more...

    Oh No! Not Again!
The Wall Street Journal
Too Perverse to Fail

  •  
  • HR 5409, the Residential Construction Lending Act. Sponsors: Brad Miller, D-N.C., Carolyn Maloney, D-NY, and Joe Baca, D-CA. NAHB lobbies for govt guarantee of development loans, (i.e. taxpayer guaranteed?).
    May 28, 2010
    Housing already is among the most-coddled industries in America. But some in Congress want it to receive even more support. Already, we have a mortgage-interest-tax deduction, the recent home-buyer tax credits, mortgage-modification programs, the $100 billion-plus bailout of Fannie Mae and Freddie Mac, and the Fed's $1.25 trillion purchases of mortgage-backed securities.

    Now, courtesy of Democratic Rep. Brad Miller, we have a bill that would enable the Treasury to guarantee loans made to home-building companies. Banks apparently aren't lending enough to home builders, leaving certain areas short of housing, he says. Banks probably would lend if house and land prices fell to more sustainable levels. But with all the other support, that may not happen any time soon. So, applying the perverse logic of the Housing-Governmental-Complex, and the new orthodoxy in Congress of letting nothing fail, you can see where Mr. Miller is coming from.

    http://online.wsj.com/article/SB1000142405274870395760457527290164930922           

    Searches related to Home Builder Fraud
     
    If these industries want less regulation and a free market as they CLAIM, then they should stop whining for bailouts, tax breaks, and other forms of subsidies for housing. Prices of houses have been artificially inflated, loans have been turned into fraud, and those bad loans were sold as 'good' investments in a system rigged further by American corporations.

    Predicted by everyone from bloggers to the FBI, the house of cards took out the economy and this industry has the gall to ask for more taxpayers' dollars and portray itself as the victim. Disgusting! Many of them should be in jail as any of the 'little people' would be had they orchestrated the same sham on America.

    Google home builder fraud.
  •  
  • THOMAS CAMPBELL wrote:
  •  
  •  
  • Some members of Congress are and always will be idiots. Brad Miller certifies himself to be one. After all that we have been through, he comes up with a suggestion like this. Enough, already.
     
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