(EMAILWIRE.COM, June 22, 2009 ) Lobbyists contributed more than $350-million to Congressional campaigns during the height of the real estate boom, triggering the worst economic crisis since at least the Great Depression.
As Congress and the White House work over the summer to come up with new reforms for the financial markets in efforts to protect consumers few associated with interests to protect consumers are optimistic. “It’s the bottom of the ninth, and its bankers 10, consumers 0,” said John Taylor, chief executive of the National Community Reinvestment Coalition. “It’s like being in a street a street fight, and you and a few friends just went up against 100 other people, and you’re picking yourself off the ground.”
Powerful banking and real estate lobbyists are taking the blame for the worst economy in decades along with Congress and a list of others. Housing Predictor delves into the fall out from the lobbying interests in efforts to determine just how long it will take to correct the damaged economy and the turmoil in housing markets.
The fall-out from the financial crisis has resulted in more than 4-million foreclosures and millions of more homeowners in jeopardy of losing their homes. Chief among the efforts are clearly becoming the new reforms that policy makers are hopeful will rein-still confidence in banking and the mortgage lending system to strengthen the economy.
The repeal of the law enacted during the Great Depression took lobbyists nearly 25 years to have abolished, and it’s final expulsion resulted in the worst real estate crisis the country has ever experienced. Housing values are falling at all-time record rates in dozens of states with especially hard hit markets suffering deflation as high as 70%.
Read the full report on just what Congress gained, search real estate listings and foreclosures and check your market forecast at http://www.housingpredictor.com
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