Rep. Brad Miller -- Touting Affordable Housing or Just Pushing Unaffordable Loans?...

polifrog


What is affordable housing?

Both Brad Miller (D-13) and "Who are you?" Bob Etheridge (D-2) were in Zebulon, North Carolina basking in the glow of their stimulus housing funds.

According to Eastern Wake News Brad Miller had this to say:

Miller said affordable housing is an important goal in troubling times for the industry. He said “old-fashioned greed” and banking lending practices caused the downward spiral that has led to record numbers of foreclosures.

...

“If you find yourself in a foreclosure, you’ve lost your membership in the middle class and for many of those families, they’ll never get it back,” said Miller.

“We have to reinvent our financial system,” he said.

Miller noted that it wasn’t affordable housing that got the country in trouble and that it still needs to be a priority.

[emphasis added]

What is affordable housing?

Historically (past 10-15 years) housing was made more affordable by reducing the down payments required to qualify for a loan. This is otherwise known as less skin in the game. It worked! People were able to get loans (homes in Brad Miller's parlance) they would not have otherwise been able to afford. This is an affordable home to Brad Miller.

But to someone living outside the political class, to a real American, Brad Miller's vision is better known as an unaffordable loan. These unaffordable loans were scattered across the US and they caused an economic downturn that rivals the Great Depression.

Still, Brad Miller keeps coaxing people into his unaffordable loans through bills like H.R. 5409, The Residential Construction Lending Act which he introduced this year, while simultaneously laying blame for his similar past failed policies on a loan industry intimately regulated by Washington Bureaucrats and back stopped by Washington through Fannie and Freddie.

For real Americans Brad Miller's vision has resulted in the "Miller Homes" below; truly affordable homes made possible through Brad Miller's unaffordable loans:

Bessemer City, NC
$16,200
Find it here.

Durhan, NC
$28,800
Find it here.

Durham, NC.
$15,300
Find it here.

High Point, NC.
$12,800
Find it here.

Gastonia, NC.
$18,000
Find it here.

Stantonsburg, NC.
$8,000

Find it here.

Winston Salem, NC.
$19,800
Find it here.








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Rep. Bob Etheridge (NC-2) -- Touting Affordable Housing or Just Pushing Unaffordable Loans?...

polifrog


What is affordable housing?

Both Brad Miller (D-13) and "Who are you?" Bob Etheridge (D-2) were in Zebulon, North Carolina basking in the glow of their stimulus housing funds.

According to Eastern Wake News Brad Miller had this to say:

Miller said affordable housing is an important goal in troubling times for the industry. He said “old-fashioned greed” and banking lending practices caused the downward spiral that has led to record numbers of foreclosures.

...

“If you find yourself in a foreclosure, you’ve lost your membership in the middle class and for many of those families, they’ll never get it back,” said Miller.

“We have to reinvent our financial system,” he said.

Miller noted that it wasn’t affordable housing that got the country in trouble and that it still needs to be a priority.

[emphasis added]

What is affordable housing?

Historically (past 10-15 years) housing was made more affordable by reducing the down payments required to qualify for a loan. This is otherwise known as less skin in the game. It worked! People were able to get loans (homes in Brad Miller's parlance) they would not have otherwise been able to afford. This is an affordable home to Brad Miller.

But to someone living outside the political class, to a real American, Brad Miller's vision is better known as an unaffordable loan. These unaffordable loans were scattered across the US and they caused an economic downturn that rivals the Great Depression.

Still, Brad Miller keeps coaxing people into his unaffordable loans through bills like H.R. 5409, The Residential Construction Lending Act which he introduced this year, while simultaneously laying blame for his similar past failed policies on a loan industry intimately regulated by Washington Bureaucrats and back stopped by Washington through Fannie and Freddie.

For real Americans Brad Miller's vision has resulted in the "Miller Homes" below; truly affordable homes made possible through Brad Miller's unaffordable loans:

Bessemer City, NC
$16,200
Find it here.

Durhan, NC
$28,800
Find it here.

Durham, NC.
$15,300
Find it here.

High Point, NC.
$12,800
Find it here.

Gastonia, NC.
$18,000
Find it here.

Stantonsburg, NC.
$8,000

Find it here.

Winston Salem, NC.
$19,800
Find it here.








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Brad Miller (D-NC) -- Political Preening With HR 5409...

polifrog


Brad Miller is pushing a bill (HR 5409) to guarantee construction loans when the market is already saturated with product.

It you want to buy a home, it is a great time to do so considering the low interest rates, the glut of inventory and battered home prices. All this is true without Brad Miller's help. Few are buying, though. The market is saying "no!" to new construction, but Brad Miller, ignoring the economic weather, sees a chance to make it appear he is helping America by making construction loans cheaper with an end result of pushing more product on a recalcitrant market.

It is your money folks; it is your debt; it is the debt of your progeny that Brad Miller wants to spend on his appearance in HR 5409.

According to Brad Miller,

We can’t tell 16% of the [Gross Domestic Product] to just hang around and wait for a while, says Miller, referring to the housing industry and its economic output.

Unfortunately, more waiting is just what we will have to do with policies like Brad Miller's.

The market needs to correct for overbuilding and Brad Miller's HR 5409 will only serve to lengthen the time it takes to correct.

Polifrog is a home builder and is tired of waiting for the market to return. Please, Brad Miller, stop tying to reinflate a construction bubble, stop your political preening and let us take our lumps so we can move forward.

---

Of course, government should not take the money in the first place...

Why force the inefficiencies of Taxes on the American economy then run the money through the inefficiencies of governance only to give it back again.

The amateurishness of it all leaves one's head spinning.

Brad Miller, a grade school economist.




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Rep. Brad Miller -- Touting Affordable Housing or Just Pushing Unaffordable Loans?...

polifrog


What is affordable housing?

Both Brad Miller (D-13) and "Who are you?" Bob Etheridge (D-2) were in Zebulon, North Carolina basking in the glow of their stimulus housing funds.

According to Eastern Wake News Brad Miller had this to say:

Miller said affordable housing is an important goal in troubling times for the industry. He said “old-fashioned greed” and banking lending practices caused the downward spiral that has led to record numbers of foreclosures.

...

“If you find yourself in a foreclosure, you’ve lost your membership in the middle class and for many of those families, they’ll never get it back,” said Miller.

“We have to reinvent our financial system,” he said.

Miller noted that it wasn’t affordable housing that got the country in trouble and that it still needs to be a priority.

[emphasis added]

What is affordable housing?

Historically (past 10-15 years) housing was made more affordable by reducing the down payments required to qualify for a loan. This is otherwise known as less skin in the game. It worked! People were able to get loans (homes in Brad Miller's parlance) they would not have otherwise been able to afford. This is an affordable home to Brad Miller.

But to someone living outside the political class, to a real American, Brad Miller's vision is better known as an unaffordable loan. These unaffordable loans were scattered across the US and they caused an economic downturn that rivals the Great Depression.

Still, Brad Miller keeps coaxing people into his unaffordable loans through bills like H.R. 5409, The Residential Construction Lending Act which he introduced this year, while simultaneously laying blame for his similar past failed policies on a loan industry intimately regulated by Washington Bureaucrats and back stopped by Washington through Fannie and Freddie.

For real Americans Brad Miller's vision has resulted in the "Miller Homes" below; truly affordable homes made possible through Brad Miller's unaffordable loans:

Bessemer City, NC
$16,200
Find it here.

Durhan, NC
$28,800
Find it here.

Durham, NC.
$15,300
Find it here.

High Point, NC.
$12,800
Find it here.

Gastonia, NC.
$18,000
Find it here.

Stantonsburg, NC.
$8,000

Find it here.

Winston Salem, NC.
$19,800
Find it here.








out