H.R.5818 - Neighborhood Stabilization Act of 2008 Sponsor: Maxine Waters / 110th Congress

Title
110th Congress - To authorize the Secretary of Housing and Urban Development to make loans to States to acquire foreclosed housing and to make grants to States for related costs. hidemore...
Summary
To authorize the Secretary of Housing and Urban Development to make loans to States to acquire foreclosed housing and to make grants to States for related costs. (by CRS)
Status
The bill was voted on in the House on May 8, 2008

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Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

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Neighborhood Stabalization: Double Edged Sword? by Frank Ehrenfried, May 8, 2008 (6:30pm)

Problems with this bill are obvious in many respects. Not only are lenders and investors being bailed out (much in the spirit of Bear Sterns), but the acquired foreclosures are going to be turned into poorly runned housing development projects for low-income families.
While providing housing for the poor is not a horrible idea in such a hyper-inflated housing market, the government hasn’t proven to be the best administer of low-income housing projects. While legislators pushing the bill are hoping to add a couple of feathers to their caps, this bill could have more detrimental long term effects on both the economy and the poor. Many of these homes in foreclosure could end up falling into disrepair, as run down neighborhoods would become the side product of poor government oversight. On the other end of this double edged sword, investors and lenders being bailed out are being sent a terrible message. The government that is supposedly based on free market principles is all of a sudden reverting to tactics contrary to the system. As Adam Smith turns over in his grave, we shall see the effects of the H.R. 5818, granted it ever makes its way to the Presidents desk.

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