By Mike DeVine, Legal Editor for The Minority Report and The HinzSight Report
In 445 B.C. the Persian King Artaxerxes sent Nehemiah, an Israelite who was a trusted official, to help rebuild the walls of Jerusalem.
Mel Watt (D-NC) joined most of his fellow Democrats (and not too few Republicans) last month is passing a law arbitrarily bailing out over 300,000 sub-prime loans guaranteed by Fannie Mae and Freddie Mac while, inexplicably ending a successful conservative program allowing charitable organizations to provide down payment assistance to lower income first time homebuyers for regular FHA loans.
FHA loans are not sub prime loans to credit risky borrowers like a high percentage of the bailed out loans. Moreover, 501c3 organizations like Nehemiah provide an extra level of scrutiny for loans they provide DPA assistance for and coach and assist the first time home borrowers from loan application thru sale and throughout the life of the loan.
The “moral hazard” of the risky loans does not apply to FHA loans, so it remains a puzzle why Congress ended the DPA programs. This is especially so given the credit crunch and housing depression amidst record overall and minority homeownership. If the housing slump is too end, homes must be sold to first time homebuyers, who are, disproportionately minority single women with children. The biggest customers of Nehemiah and other such charitable orgs providing DPA is just that demographic and there default rate is in line with overall FHA loans.
Gamecock has recently cited the war the Democratic Party has been waging against lower income families in their preference for high gas prices and fetishes for snail darters and the Gore Church of Manmade Global Warming hoax while their constituents, post gas station visits, choose between the store brand peas and Lesuer. Especially those of Mel Watt that live a life dependant on reasonably priced gas off I-85.
Mel voted to bring the walls down on potential homebuyers in his district, the State of North Carolina and all across the United States before they were ever built.
Tar Heel State senators Elizabeth Dole and Richard Burr didn’t even bother to vote on the bank bailout bill that President Bush reluctantly signed. The President could have used some assistance from our senators of a state so dependant on housing for its standard of living.
Gamecock has also long argued that conservative GOP policies are, and have been since the 1980s, better for all Americans, and especially lower income families and that Republicans need to make this point clear.
Well, Madam Dole and Mister Burr, here is your chance. We hope that Senator Dole will be more responsive to this public request than she has been to one of the more prominent realtors in Charlotte who has been unable to get an audience with the senator on the merits of DPA.
A recent story on the Charlotte Observer rated Dole one of the most “ineffective” senators in Washington. Personally, this rooster usually prefers ineffective porkbarrelists and, in any event cares not for vague rankings for headlines. After all, the 50th best state in the United States is still not in poor Mexico! And the worst vanilla ice cream is still ice cream! But I digress…
Senator Dole has shown that she can get her mind right. She was, not long ago, an acolyte of Gore’s church until she heard painful cries caused by $4/gallon gas.
Hear this cry madam: North Carolina is heavily dependant on housing growth for its well being. The DPA program was not part of the problem of the housing bubble.
Please vote to restore the DPA program and rebuild the walls.
We need Nehemiahs, not another Jericho. The GOP needs to be seen, rightly, as the party of the middle class. So be it, and don’t be quiet about it.
Mike DeVine’s Charlotte Observer columnsLegal Editor for The Minority and HinzSight Reports"The way to stop discrimination on the basis of race is to stop discriminating on the basis of race." - The Chief JusticeRace 4 2008"One man with courage makes a majority." - Andrew Jackson