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Housing Recovery Act of 2008 and Congress

By Stan Brody

So I write to Senator Boxer... about the Housing Recovery Act of 2008. I state that in its present form it is doomed to failure... it cannot and will not address the crisis that we are currently facing... that unless we provide real, true and honest mortgage relief across the board... including to investor's... that by the sunset of this act in 2011, the impact on the counties will be such that many will be forced into Chapter 9 bankruptcy... in part here is her response... so, speaking about a stupid statement...

*".....**I am pleased** that the Housing and Economic Recovery Act of 2008 has passed Congress and was signed into law on July 30, 2008 as P.L. 110-289. *

*Although this legislation will not solve all the problems in the current crisis*, it includes wide-ranging measures to help stabilize the housing market, provide help to homeowners and renters, and help get our economy back on track. The new law also helps communities that have been hit hardest by the foreclosure crisis by providing $3.9 billion in emergency assistance to purchase and redevelop abandoned and foreclosed properties......." (my emphasis)

The $3.9 billion doesn't even amount to a band aid.... does anyone have a copy of "Hans Brinker" to send to send to Senator Boxer??? And. although this is not how it has been presented to the public, but by her own statement, this act does not address the current crisis...the $7,500 tax break is in reality a loan that must be repaid in 15 years... or that there is a mandatory equity sharing provision... would that not be an illusion.... are Penn and Teller running the congress?

Congress takes the better part of a year to enact legislation that it admits ..."*will not solve all the problems in the current crisis"*... and Congress is proud of it!!!

Stan Brody United States Mortgage Corporation
d/b/a MULTISOURCE SF Peninsula
650-777-9906 Wine Country