Ever since Congress finally moved to provide financial assistance to homeowners struggling to pay their monthly mortgages, I’ve heard nothing but whining, mostly from folks who aren’t having any troubles making their own housing payments.
Pres. Bush signed the housing stimulus billinto law yesterday. Let’s hope it provides some hope the millions of U.S. homeowners facing foreclosure.
According to RealtyTrac, a national provider of foreclosed properties, one in every 171 households received a foreclosure notice in the second quarter of this year. That’s an increase of 121 percent compared to the same quarter one year earlier.
There’s an interesting debate going on now between members of Congress and the Federal Housing Administration. Congress has proposed legislation requiring the FHA to back up to $300 billion worth of risky mortgage loans. The commissioner of the FHA, Brian Montgomery, opposes this legislation, saying that taking on so many bad loans would hurt his agency.
It’s a pretty stunning move: Officials with the National Association of Home Builders on Feb. 12 decided that the group’s political action committee will no longer make contributions to candidates for U.S. Congress.
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Written by Dan Rafter [email] for b5media.
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