A Study in Contrasts
I noticed two articles today in the New York Times that are most interesting when read together. First, the Times profiles Roy Miller, a nonprofit housing counselor in Baltimore who has helped a number of local homehowners work out repayment plans and avoid foreclosure. This success story shows how the dedication of a non-profit organization has led to dropping foreclosures in a Baltimore neighborhood while the rate has skyrocketed everywhere else.
Second, the Times also published an editorial about Alphonso Jackson, the Secretary of Housing and Urban Development for the Bush Administration. The article notes how Jackson has become the subject of investigation "into allegations that he rewarded developer friends and abused political enemies in doling out taxpayers' funds." While Alberto Gonzales fell from grace for focusing too much on politics and too little on law enforcement, now it looks like Jackson may fall from grace for focusing too much on politics and too little on the housing crisis. This story, of course, has become all too familiar over the past seven years. It's too bad Roy Miller isn't running HUD!
This is why I think America would be better served if Congress gave $1 billion for homeownership counseling as opposed to $30 billion for a homeowner bailout that will only perpetuate existing trends.
March 26, 2008 11:01 AM | Reply | Permalink
I agree. Everyone needs to take responsibility for their role in this problem, including our government.
Jim
http://www.thetruthaboutcredit.com
March 26, 2008 11:38 AM | Reply | Permalink