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I Would Have Voted for the Foreclosure Prevention Act of 2008 as a Member of Congress-- for Riverside County’s Families and Future
By Julie Bornstein
President of the Campaign for Affordable Housing and
Democratic candidate for Congress
The American Dream of owning one’s own home is on life support and not getting the attention it needs. For too long housing policy has been relegated to fourth tier status and now that neglect is in evidence. Foreclosures are up, sale prices are down and housing affordable to working families and seniors is still hard to find.
California’s rate of foreclosure is over twice the national average; the number of mortgage foreclosures reported for Riverside County for first quarter 2008 was over 161 percent higher than first quarter 2007. Among California Counties, the actual number of Riverside County foreclosures, 15,022, is second only to Los Angeles County (20,000). At the same time, the median price in Riverside County fell from $344,370 in October 2007 to $307,500 in February 2008.
Those are the facts and the figures, but the toll on Riverside County families and the impact on the economy are more severe. Here are some of the consequences: 2008 forecasts 94,300 housing starts compared to 194,000 in 2006; property taxes and real estate transfer taxes that fund local services will decline significantly resulting in additional job losses.
Even this wave of foreclosures makes it harder, not easier, for Californians to have a place to call home, either rented or owned. The overall supply of housing has not increased compared to the need but is declining. Californians continue to pay monthly mortgages that are three times the national average and minimum qualifying incomes must be 2.5 times the national average. Fewer households are qualifying for market-rate financing while the number of families that need rental and owner housing they can afford will continue to grow.
In response to the worsening crisis, the Federal Housing Administration (FHA) is making some changes to its FHASecure program so it can serve more homeowners. The changes are welcome but they are not enough.
A more comprehensive approach has been proposed by Representative Barney Frank and passed the House (preferable to the Senate version under discussion) with support from a broad bipartisan coalition of House members representing states with high foreclosure rates. Unfortunately for Riverside County, our current Representative Mary Bono Mack was not among them.
The Frank measure strengthens mortgage insurance, has mandatory qualification standards, establishes and funds uniform mortgage counseling processes, funds legal services for homeowners who have legal problems or a foreclosure, prohibits those who make mortgage loans from also engaging in certain other activities, requires consumer protections and strengthens lending practices for FHA insured loans as well as provides funds to localities to redevelop abandoned and foreclosed homes in order to stabilize existing neighborhoods.
Sadly, 45th District Representative Bono Mack voted No on the Foreclosure Prevention Act of 2008, and a related measure by California Representative Maxine Waters that establishes a program for areas with the highest foreclosure rates.
Our neighbors and the Riverside County economy can’t wait for a less aggressive approach from the Bush Administration that Ms. Bono Mack might support. Homeownership is the single most significant asset that Americans have to secure financial health and plan for retirement. Stable and affordable housing builds good communities, supports children’s educational achievements, and provides the workforce and customers for local businesses. Families desperate to become homeowners may have made unwise financing decisions but we all are suffering the consequences. The Foreclosure Prevention Act deserves the support of your elected representative. I would have voted Yes to save our neighborhoods.
Julie Bornstein is a resident of Palm Desert and former President of the Campaign for Affordable Housing. She is a candidate for the Democratic nomination for Congress. She can be reached at Julie@juliebornstein.com
Comments
What a shock...a Democrat who favors government intervention when none is needed. All that you politicians need to do is sit back and let the market work itself out. Home prices were artificially driven up a few years back and are now going through an adjustment. Why don't you preach personal responsibility and people living within their means rather than support what amounts to a government takeover?
Posted by: Mike Mullins at June 24, 2008 01:35 PM
What a shock...a Democrat who favors government intervention when none is needed. All that you politicians need to do is sit back and let the market work itself out. Home prices were artificially driven up a few years back and are now going through an adjustment. Why don't you preach personal responsibility and people living within their means rather than support what amounts to a government takeover?
Posted by: Mike at June 24, 2008 01:35 PM
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