Boxer making housing unaffordable
In the last 6 years, California real estate has become totally
unaffordable to young families. By supporting federal efforts to stem
foreclosures, you are helping to prop up inflated housing costs and drive
responsible citizens out of state.
In addition, I believe that subprime borrowers who are facing foreclosure
would often be better off if they moved to comparable rental housing,
which is in abundance and often costs 50% less than their home mortgages.
The only harm would be a lowered credit score and the potential for
neighborhood blight.
In light of that, I can provide a simple and constructive 2-step solution
to this problem:
1. To help subprime borrowers: Introduce legislation that erases the
credit record of those who are forced into foreclosure due to loans they
were never able to repay.
2. To help make CA housing affordable and to prevent neighborhood blight:
Force bank-owned properties to be sold or rented out within 60 days of
foreclosure, by auction if necessary.
Best regards,
Copter (real name withheld)
Government intervention is the enemy of middle class housing.
