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A New Bailout Proposal May Send the Wrong Message to Those Who Have Saved for Many Years to Buy Their Home
Fully produced report in MP3 format:
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(60 seconds)
-- How Will You Use This Story? --
(TEBO OPEN):
IN LIGHT OF RECENT TROUBLES IN THE MORTGAGE MARKET, THE NATIONAL
BLACK CHAMBER OF COMMERCE BELIEVES THAT IT'S IMPORTANT TO
RESPECT RESPONSIBLE PEOPLE WHO WORK HARD AND SAVE FOR MANY YEARS TO
BECOME HOMEOWNERS. HARRY ALFORD--PRESIDENT AND
CO-FOUNDER---EXPLAINS...
(ALFORD):
"BECOMING A HOMEOWNER IS HARD WORK: THOUSANDS OF BLACK
FAMILIES AND BUSINESS-OWNERS WORK LONG HOURS, EVERY DAY, TO REALIZE THE
AMERICAN DREAM OF OWNING A HOME. NOW, SOME MEMBERS OF CONGRESS ARE
TALKING ABOUT A TAXPAYER BAIL-OUT FOR HOMEOWNERS AND LENDERS WHO CHOSE
THE EASY WAY OF EXOTIC LOANS, INSTEAD OF HARD WORK AND SAVINGS.
GIVING TAXPAYER MONEY TO PEOPLE WHO DON'T SAVE WOULD BE AN INSULT TO
RESPONSIBLE CITIZENS WHO SAVED FOR YEARS TO BUY THEIR HOMES."
(TEBO CLOSE):
ALFORD SAYS THAT A TAXPAYER BAIL-OUT WILL CONTINUE TO DRIVE UP HOME
PRICES--AND ALLOW, AND EVEN ENCOURAGE, LENDERS TO OFFER EXOTIC LOAN
PACKAGES. INSTEAD, HE SAYS, REGULATORS SHOULD WORK TO INCREASE
TRANSPARENCY IN THE MORTGAGE-LENDING SECTOR--AND ENFORCE EXISTING LAWS
AGAINST FRAUD AND PREDATORY LENDING. FOR MORE INFORMATION, PLEASE
VISIT
W-W-W-DOT-"NATIONAL-B-C-C"-DOT-ORG. I'M BOB TEBO.
