Jennings on housing
May 28th, 2008 by Justin Richards in News
Christine Jennings, democratic candidate for our U.S. Congressional district, held a press conference this afternoon outside the Manatee County Courthouse, bemoaning our mortgage troubles and the need for more affordable housing. She was joined and supported by U.S. House of Representatives Majority Leader Steny Hoyer.
First, Jennings ticked off some grim figures: 4,000 foreclosures in Manatee County since January 2007, 981 in Sarasota County last March.
Then she related something she’d seen on CNN was just bummin’ her out. A 67-year-old woman had her home foreclosed, and now she sleeps in her car every night, kept company only by her three dogs.
Last week her stop at a downtown gas station, where she addressed energy issues, had mixed results. But today the former bank executive spoke more naturally on the housing crisis.
“A lot of this problem is about greed,” Jennings said. Mortgage brokers let people get into homes, she explained, without sufficient consultation.
“If we would have had proper, and I mean proper regulations in place, these problems could have been avoided.”
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June 26th, 2008 at 5:35 pm
Absolutely right on!! The greed was on behalf of these mortgage brokers - used car salesman, entry level sales, who were all given free reign and their only concern was their commission!
What she fails to acknowledge however, is the Fed’s and general political support of this false economy based on home sales.
Not to mention these flippers and real estate agents who inflated the cost of homes!
What an awful mess, which impacted the global economy.
June 26th, 2008 at 5:38 pm
and…as a banking executive - she was right in the mix of this BS - profiting from others incompetence and greed