Canít Look Past the Rescue Short Fall
Posted by Ted Wysocki on July 27, 2008
As Look Past the Bailout Blather notes, there are aspects of American Housing Rescue and Foreclosure Prevention Act of 2008 that are welcomed. Especially, key is the White House backing off their threatened veto in opposition to the $4 billion in grants for an emergency neighborhood stabilization fund to local governments to buy and refurbish foreclosed properties. Labeling such assistance a giveway is governmentally irresponsible, when such massive rescuing of communities is required from these man-made hurricanes of unregulated predatory loans.
But more important than being glad some things are being done, we should be concerned that this congressional action will lead to the wrong conclusion in the media that it is sufficient. Alice Chasan’s posting provides a link to the warnings issued by The National Community Reinvestment Coalition in a press release responding to the Housing and Economic Recovery Act (HR 3221). Every Rooflines reader should check it out for the projections of the tsumani of 1.5 million additional foreclosures between now and the time the new legislation will have any impact.
Congress finally acted and the President now won’t veto it. But there is far more to be done before any rescue efforts can be called satisfactory let alone sufficient.
About the author more ¬Ľ
Ted Wysocki is the CEO of the Institute of Cultural Affairs (ICA)-USA, whose mission is to "Build a Just and Equitable Society in Harmony with Planet Earth.‚ÄĚ Their website is www.ICA-USA.org. Ted launched his U2Cando blog and consulting practice in 2014 based on his 40+ years of community development experience. Ted was CEO of the Local Economic & Employment Development Council, now North Branch Works, in Chicago for 12 years. Previously, he was CEO of the Chicago Association of Neighborhood Development Organizations (CANDO) for 17 years. He started his community development career in 1974 with Gale Cincotta, the mother of the Community Reinvestment Act. Ted is a director emeritus of the National Community Reinvestment Coalition.