Flip this housing crisis!
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And now the politicians want to hand out more money to "help struggling borrowers" keep houses they never should have owned in the first place.
More foreclosures will reduce the cost of housing, making it more affordable to qualified buyers.
Associated Press
More negative signs for US housing market
Top lawmakers threw their support Tuesday behind a proposal to use $24 billion in government funds to help struggling borrowers, as reports showed U.S. home prices sinking in four out of five cities and home builders reported their worst-ever business outlook.
With a clear and present threat to the U.S. economy, Democrats stepped up pressure on the Bush administration to direct taxpayer money to help more troubled borrowers. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said "it is essential" to use some of the funds in the government's $700 billion financial rescue program to stem the tide of foreclosures.
Likewise, House Speaker Nancy Pelosi, D-Calif., publicly urged Treasury Secretary Henry Paulson to support a proposal that would use some of the government's bailout funds to help about 1.5 million households avoid foreclosure.
"Further delay in implementing these solutions is unacceptable." Pelosi said in a statement.
But Paulson isn't budging.
http://www.forbes.com/feeds/ap/2008/11/18/ap5711044.html
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