Since there were a lot of great comments regardin my recent post in regard to proposed mortgage legislation say Hello the the Next Potential Mortgage Disaster. I decided to follow this up and obtain more information.
It has been ponted out that the legislation does not haev a lot of support at this time. The fact that it has ANY support is troubling. I contacted the sponsor's office. There are at least 28 other members of Congress who support this Bill (The Access to Affordable Mortgage Act). This is frightening in and of itself.
Many of the comments can be summarized as what I believe myself - the government's solution to a perceived problem is rarely the best solution. This presupposes that there is even a need for such legislation.
Another downturn in the real estate market - any down turn and for any reason, would be catastrophic and a lot of the progress made recently would be eliminated or diluted. The real estate market cannot take a chance of a legisaltive burden to the industry - especially when it has not been clearly established that the need for such legislation is present.
It as pinted out that a conservative Republican sponsored the Bill. Many might have assumed that the Bill was sponsored by amore liberal member of Congress. This is what makes proposed legislation concering: it came from a conservative source and there could be a lot of support for this Bill from the left leaning side of the aisle.
This is not intended to be a politcal debate..I avoid those like termite infested tear downs. However, Bills such as this are troubling because they illustrate a delusional aspect of Congress (House and Senate).
Paddy Deighan J.D. Ph.D
http://www.medicalandspaconsulting.com
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