Time and again we hear Brad Miller touting "cheap homes" or "affordable homes". These are euphemisms for indebtedness. Only the loans, due to government incentives were cheap, not the homes. Many of those "home owners" are now home less.
During the economic buildup of the early 2000s that lead to our current housing crises Brad Miller stood athwart attempts to reign in the speculation and excesses that had become stables at Fannie and Freddie Mac. In an attempt to stymie the introduction of economic soundness in the Government Sponsored Enterprises (GSEs) Fannie and Freddie Mac, Brad Miller went on record saying:
We have been concerned that the Administration’s legislative proposal regarding the GSEs would weaken affordable housing performance by the GSEs, by emphasizing only safety and soundness. While the GSEs’ affordable housing mission is not in any way incompatible with their safety and soundness, an exclusive focus on safety and soundness is likely to come, in practice, at the expense of affordable housing.(Copy of complete letter here)
(Giant H/T to RedState)
This summer Brad Miller was still pushing loans on the poor. In Zebulon:
Miller said affordable housing is an important goal in troubling times for the industry.To that end Brad Miller introduced legislation to create more construction in an economy suffering from a glut due to a decade of government induced overbuilding. Miller does not learn from his mistakes.
H.R. 5409, the Residential Construction Lending Act, would create a new residential construction loan guarantee program within the Department of Treasury to provide loans to builders with viable construction projects.And in his bill.
It is outrageous that after the misery created by policies that induced unsound indebtedness among the most vulnerable of Americans, Brad Miller is continues pushing his debt slavery.
The video below lists the sound practices Brad Miller was fighting against.
Brad Miller is a Grade School Economist and you suffer.