The nation’s homebuilders will be building fewer homes this year than at any time since the end of World War II. In addition, the National Association of Homebuilders Housing Market Index hit a record low of 14 in October, and this index is scaled zero to 100.
* Where is the $300 billion in mortgage relief promised by the Housing Bill?
* The Conservatorship of Fannie Mae and Freddie Mac has caused mortgage rated to rise. While this has obviously occurred, both Paulson and Bernanke have lied to America, saying that Conservatorship has resulted in lower mortgage rates. Where’s the credibility.
* The Great Credit Crunch is a permanent part of our economy as long as the notional amount of derivative contracts is on the rise. You can not end it with a TARP covering a swamp of alligators. We need permanent programs to ease the pending Recession. There are no quick fixes and volunteer mortgage adjustment programs will not get the job done.