Miller on Housing crisis
U.S. News' Luke Mullins caught up with Rep. Brad Miller regarding the mortgage market crisis.
1. Could you please explain what you are asking the mortgage industry to do in terms of foreclosures?We're asking them to hold off on foreclosing on homeowners who may be eligible for refinancing under the new FHA "Help for Homeowners" program, at least until the program is up and running on October 1. We're also asking pointed questions about whether they're really going to use the program and what they're doing to be ready to start using the program as soon as possible.
2. Why are you asking them to do that?
We're partly asking to get their attention, to let them know we're serious about the mortgage industry taking responsibility for the mess they've made.
Critics say the mortgage industry has done precious little to help homeowners, but the mortgage industry claims that they're voluntarily modifying mortgages like crazy to help strapped homeowners keep their homes, and the industry has successfully fought off legislation to give real, enforceable rights to homeowners with bad mortgages.
The mortgage industry supported the "Help for Homeowners" legislation and said it would be a real help. Why would they foreclose on homeowners who would be eligible for the program in just a couple of months? Are they serious about using the program, or are they just stalling to keep Congress from passing tougher legislation?
Comments (1)
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I don't mind Brad Miller too much. He does a good job passing out medals to veterans and such, but
he recenlty sent me a letter saying he was holding up a free trade agreement with our ally Colombia because he was more worried about the rights of union members in that emerging democracy than he was about the rights of American companies to have a free market to trade their goods in, thus ensuring good jobs here in the 13th District.
I find that incredulous.
Miller has an opponent, Hugh Webster.
Read more about him, here.
Posted on August 12, 2008 7:20 AM