Whether one is self-employed or working at a fortune 500 corporation bears no relevance to the legislation passed today.
Agreed, neither party, while both implicit, truly cares about their constituents, but that’s exactly the point. A problem faced by less than 2% of the population led to a bill that will benefit a fraction of that 2%, at the expense of the other +98%.
Criticizing the critics for having an opinion is even more pointless. I took a minute to actually write Feinstein. Here’s her reply:
“Thank you for contacting me to express your concerns regarding recent reports of mortgage defaults by subprime borrowers. I appreciate the time you took to write and welcome the opportunity to respond.
I recognize that the cost of living is high in California and across the Nation, as real estate values have skyrocketed and housing affordability is at very low levels. As such, I am a strong supporter of Federal initiatives to make homeownership a reality for more Americans. The Federal government must be mindful of how lending standards impact Americans and I am concerned about the growing number of negatively amortized home loans and interest-only mortgages, which are especially popular in the areas of California where home prices are the highest. Furthermore, I believe it is important to establish clear national standards that protect consumers – particularly “nonprime” borrowers. While I do not serve on the Senate Committee on Banking, Housing, and Urban Affairs, which has jurisdiction over this matter, I will keep your comments in mind should the Senate consider legislation related to home lending.
Again, thank you for writing. If you have any further comments or questions, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.”
A cookie cutter response no doubt, but I’m going to reply.
