Housing Comes First

HOUSING COMES FIRST!

One thing that Republicans and Democrats agree on is the goal to increase the number of families that own their home. Both the Bush and Clinton Administrations have trumpeted their ability to increase the rate of homeownership to over 65% nationally. Special attention has been paid to minority homeowners--whose homeownership rates languish at under 50%.

How then do you explain cases like these? Too many families are being raked over the coals by unscrupulous realtors, mortgage companies and appraisers. As we are increasing the rate of homeownership, we are also seeing a startling increase in foreclosures. Some critics, both left and right, are now pulling back from the warm and fuzzy notion of owning your home. It is being suggested that the newest homeowners aren't really ready, that we've moved too quickly.

BULLSHIT! We are letting professional larcenists fleece these families--often on the government's tab. Appraisers are largely unregulated. Fly-by-night mortgage companies and large "mainstream" financial institutions alike strangle new homeowner's dreams with predatory loans--high interest rates, hidden fees and other fraudulent terms. Supposedly "non-profit" agencies set up to rescue families from foreclosures end up stealing homes out from under unsuspecting clients.

Grassroots organizations know how to help families buy a home safely: home inspections, financial counseling, using the Community Reinvestment Act to bring prime rate loans to low-income neighborhoods. We want more homeowners and less fraud. Stop The Backlash!

posted by Phil @ 10:15 AM