September 23, 2008

Housing Sinks, Wall St. STINKS!!!

I'd need ten pairs of hands to keep up with all the outrage blasting over the Internet regarding corporate welfare. Strangely, Joe Q. Citizen still doesn't get it. But let's take some comfort knowing at least the issue is finally out there, after years of fiscal insanity. Here's a a little something to do today:
Save Downpayment Assistance Programs
Target: U.S. House of Representatives
Sponsored by: The Nehemiah Program
Since 1997, downpayment assistance (DPA) programs have helped more than 1 million families become homeowners. But the Housing and Economic Recovery Act of 2008 eliminated these programs when President Bush signed it into law on July 30, 2008.
While that housing bill was intended to "rescue" the housing industry, the elimination of the DPA program will have the exact opposite effect. Not only did it eliminate DPA programs, it also instituted a downpayment requirement increase from 3 percent to 3.5 percent. This combination is a recipe for disaster and will further hurt the already crippled housing market.
Fortunately, Congress has worked to remedy the problem. The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) would allow downpayment assistance programs to continue, help families who are credit-worthy, protect the already fragile economy, improve the current housing market and save jobs.
Urge your representative to support H.R. 6694 today!
Thank you for everything you do.
Robyn E.
Care2 and ThePetitionSite Team

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