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|User Info||Letter from FL's ****tard Senator Martinez; entered at 2008-04-29 22:23:20|
Registered: 2007-08-07 They crucified the only PERFECT one
I must be on the **** list. I faxed and signed petitions and didn't get a copy like this. A buddy sent me his reply via email. Guess who's NOT getting my vote.|
Dear Mr. X:
Thank you for contacting me with your concerns about the housing market and the economy. I appreciate hearing from you and would like to respond to your concerns.
Since 2005, home foreclosure rates, particularly in the state of Florida, have become alarmingly high. Despite the fact that foreclosures have been primarily limited to subprime adjustable rate mortgages (ARMs), this issue is affecting the economy. In response Congress, the President, the Federal Reserve, and private industry have all taken action. With about 1.8 million subprime loans prepared to reset in the next eighteen months, and with more and more families facing the reality of foreclosure, we must use the resources of the federal government in a reasonable and responsible manner in order to mitigate future losses and put our housing market on the pathway to recovery.
As you may know, on April 10, 2008, the Senate passed the Foreclosure Prevention Act (H.R. 3221). This legislation provides a $7,000 tax credit for people who buy foreclosed properties, $4 billion in grants for communities to purchase and renovate abandoned properties, additional flexibility for the Federal Housing Administration (FHA) to assist families facing foreclosure, and tax assistance for homebuilders. I was proud to have been instrumental in adding language to help military personnel with relocation assistance if their rental property is foreclosed upon. While this measure is a good start to stabilizing the current crisis, there is more to be done in the long- term.
I fully support that creation of a strong, independent regulator for the Government Sponsored Enterprises (GSEs); so that they may do all they can to achieve their mission of helping families achieve the American Dream of home ownership. I will continue to work with my colleagues to find solutions to address the many issues facing our economy, including our housing markets.
Again, thank you for sharing your views with me. For more information about issues and activities important to Florida, please sign up for my newsletter at http://martinez.senate.gov.
United States Senator