Down Payment Assistance Program to be rescued?

The business as usual do nothing self-destructive sniping congress is on a five-week recess (I love recess!) and of course nothing was accomplished other than what is called "the housing bill" or "FHA modernization". If anyone really believes it will do the heavy lifting needed to stabilize the credit situation OR prevent wall street from pulling the same shenanigans in the secondary market or prevent bad behavior or just plain stupid will you please write me a check and make it out to Kirk Williams?

Meanwhile as this is going on an unlikely group is writing up a bill to right a wrong and this group happens to be in our congress and I must say I am flabbergasted but it is true they are going to try to save the down payment assistance program that was killed in the aforementioned bill signed by our president.

"The FHA Seller-Financed Down payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was introduced by several members of Congress on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill that if passed and signed into law will allow down payment assistance to continue indefinitely."

Visit www.getdownpayment.com

It has been argued by folks I respect that investing a down payment would have prevented the calamity we face today. I have responded to such observations and will not address it again here only to say they are wrong. The million-dollar question should be asked what happened to the borrowers ability to make the payment? This is a full doc fully underwritten loan. And I would guess most people would like to keep the roof they live under over their head. Something went wrong but it had nothing to do with the down payment!

My point is be sure to contact your representatives where ever you are and tell them to support HR 6694. This simple tool is not the silver bullet but an important component and is part of a REAL solution.

After you get done emailing them about HR 6694 will you ask the same knucklehead representatives to get smart and put together a decent energy bill because my Cadillac is feeling neglected!