Elected representatives want another housing bubble

May 27, 2010 - Legislation introduced yesterday by Reps. Brad Miller (D-N.C.) and original co-sponsors Carolyn Maloney (D-N.Y.) and Joe Baca (D-Calif.) would help alleviate the severe lack of credit for acquisition, development and construction (AD&C) financing that threatens to end the budding housing recovery before it has time to take root, according to the National Association of Home Builders (NAHB).

“We applaud these lawmakers for taking the lead to address the housing production credit crisis that is jeopardizing the housing and economic recovery now under way,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich.

This is plain corruption, no other word. And this:

The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a proposed rule to establish a framework for affordable housing goals for the 12 Federal Home Loan Banks (Banks). The proposed rule implements provisions of the Housing and Economic Recovery Act of 2008 that require FHFA to establish housing goals for the Banks' purchases of mortgages consistent with the housing goals established for Fannie Mae and Freddie Mac, taking into account the unique mission and ownership structure of the Banks.

Congress is nuts or voters need some education.