Senator Jim Bunning Condemns Housing Bill
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The housing bill that has wound it’s way through Congress is a boondoggle that could only be produced in an election year. Anyone who follows real estate and the issues being faced could tell you that, but most politicians want to be seen getting something done while giving pork to their friends and thouse politically connected.
Senator Bunning has an especially tough rebuke of his fellow Senators that I am excerpting today:
“It turns out that the American people don’t like the idea of bailing out banks and their neighbors who gambled on home prices. The voters understand what is going on in Washington, better than we do. …
and here is more:
“Another provision that deserves far more scrutiny is the $4 billion in community development block grants that will be allocated to state and local governments to buy foreclosed properties. To begin with, this program is very poorly managed. The Wall Street Journal called it among the worst-run programs in Washington, and there is a lot of competition for that title.”
“The White House called the program ‘ineffective’ just two months ago, and when the HUD Inspector General testified before Congress in 2006, he explained that his agency had recently indicted 159 individuals and recovered $120 million of misappropriated funds. GAO also has criticized the targeting of grant recipients, which is a polite way of saying that the money is going to those with political connections and influence in local government. Adding money to this program is risky at best.
“Let’s not have any illusions. This extraordinarily unwise grant of taxpayer money is really just a bailout for banks in disguise. It goes to states, but the ultimate beneficiaries will be banks that made risky loans. Instead of selling foreclosed properties on the open market, these banks will have the luxury of selling to local officials with whom they may already have a relationship. These officials will be buying properties not with their own funds, but with ‘O.P.M.’ O.P.M. stands for ‘other people’s money.’ And, in this case, the O.P.M. comes from you and me, the American taxpayer, and millions of unborn Americans that we are saddling with even more debt. via Los Angeles Times
If you have the time, give it a full read over at the LA Times.
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