Wednesday, April 22, 2009
(CNN) — The chairman of the House Financial Services Committee said Monday that federal funding for affordable rental properties must be increased.
Rep. Barney Frank, D-Massachusetts, also warned that a Bush-era policy to help low-income families become homeowners instead of renters contributed to the sub-prime mortgage crisis and, ultimately, the larger economic crisis now confronting the country.
Frank made his remarks during a speech at the National Low Income Housing Coalition’s policy conference in Washington.
"It is in 2003 and after that the percentage of mortgage loans that went to lower-income people spiked and the number who weren’t able to pay spiked, and it’s connected," said Frank, who chairs the committee that oversees all components of the nation’s housing and financial services sectors.
Frank said federal funding for affordable housing had been cut when the GOP controlled both Congress and the White House because of a traditional Republican bias in favor of home ownership. He added, however, that housing policies will change now that Democrats are in the majority of Congress.
"We will do everything legally possible to preserve every unit of affordable (rental) housing," Frank said…
Funny, I have never had any problems renting my unit.
I used to think that I missed the boat, that I could have sold it 2 years ago for an unbelievable profit, but now it looks like I can get an extra 200$ a month for years and years. This house will be paid off within 6 years, and then it's all gravy. It is a safety cushion for my son.
Those poor bastards that waited to buy a house on a 'steal' are going to have to pony up 20% and endure a surgical credit examination. But if you have some $$ set aside and good credit, you would be a complete idiot not to buy a house later this year. The interest rates will be low and so will the prices.
On Earth Day, real esate is just that : REAL. It's the oned thing they aren't making any more of. Gold will continue to be created, as will fossil fuels, but Earth is the ultimate investment.