To keep the residents and voters in Huntsville and North Alabama appraised of the events taking place in Washington, the following statement was issued to Hank Richards at the Examiner for publication by the office of Alabama (R) U.S. Senator Richard Shelby.
Excerpts of Shelby’s statement are immediately below in bold, followed by the full text of his prepared remarks:
“Our once dynamic and innovative housing market is now stagnant and damaged, crippled by regulatory uncertainty.
Unfortunately, when market participants should be focusing on reviving our housing markets, Washington has forced them to devote countless hours and millions of dollars to navigating the scores of new regulations imposed by Dodd-Frank.
Nearly all of the risk in our housing market is being transferred from private capital to the American taxpayer. This is a wholly unacceptable situation.
Today we will hear from two very different points of view on how to address this situation. One side will argue that our mortgage market needs the Federal government to continue guaranteeing mortgages in one form or another….The other side of the argument raises concerns with the Federal government’s domination of the mortgage finance market.
I agree that many factors must be considered as we proceed with reform. I maintain, however, that protecting the American taxpayer must continue to be our number one priority.”
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This column was prepared for publication by Hank Richards, Examiner writer for Huntsville, Alexandria, the British Petroleum Recovery Program and the Gulport/Biloxi/Gulcoast restoraton region.
To report a breaking story or to write a letter to the editor for publication, contact Hank at (256) 417-6084 or send at email to tips@pronlinenews.com at his website www.pronlinenews.com
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