The National Association of Home Builders has announced that they are discontinuing their contributions to Congressional campaigns. They are doing this to protest the failure of Congress to address their concerns.
So let me get this straight. The money grubbing Congressman are going to be all a twitter over the collective loss of 1.4 million dollars a year and decide they must do something for the homebuilders? Yeah, right.
Odds are the Congressman are going to do something horrid to them so that this precedent is never tried again. They would have been much better off providing double the money and a collection of ladies of the night and Cuban cigars than this ill fated maneuver.
In an unusual move for a Washington lobbying group, the National Association of Home Builders’ political action committee said in a statement it has ceased contributions to candidates until further notice.
“This extraordinary action was taken because … over the past six months Congress and the administration have not adequately addressed the underlying economic issues that would help to stabilize the housing sector and keep the economy moving forward,” said NAHB President Brian Catalde. via Reuters.
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The homebuilders helped create the mess we're in. They helped inflate prices by inducing appraisers to meet the number, opened their own lending arms and sold buyers overpriced homes they could not afford with toxic loan products. They sold to investors while swearing they were not. On top of this, they took shortcuts in construction that led to houses deteriorating much faster than normal, and these are defects no amount of "maintenance" can fix. Arbitration clauses in builder contracts or in home warranty policies the buyer doesn't even see until after closing assured that very few could get a lawsuit before a court. This hid complaints from public view, and forced disputes into often biased procedures where rules of civil procedure were not always followed. Now, this industry wants the nanny government to bail it out. Thank God the public and at least some of our elected officials saw thru that one. Too bad they didn't see it sooner, a few yrs ago when consumer org's and some investing consultants, etc, were warning this would happen.