Those who know me are aware I am no fan of Michele Bachmann, our representative in the House in DC. So I want to be fair, but not to appear praising.
The subprime lending collapse, and the home mortgage foreclosure frenzy has captured attention as a likely major issue for the 2008 elections and the fact that a taxpayer league favorite such as Bachmann is willing to discuss any federal level consideration of the situation is a sign of how not being consumer-sympathetic is a third-rail position for a congressional candidate.
That is the prelude. I got a prompt and cogent response to an issue contact I entered on the official Congressional Bachmann website [source of the opening Bachmann photo]. It was what I would call "Bachmann Lite," leaving you not feeling filled-up, when finished.
She favors the American Dream, homeownership for families, and considers contact from constituents about the problem important enough for a prompt, but prewritten generic say-nothing response. Still, it is prompt. And it is a recognition of the existence and seriousness of the problem. In its entirety, you be the judge, the non-position paper, agreeing with her friends, full text follows:
Subject: Responding to your message
September12, 2007
Dear Eric,
Thank you for contacting me about mortgage foreclosures. I appreciate hearing from you on this important issue.
The availability of housing finance is critical to helping American families obtain homeownership and maintaining the strength of our nation's economy. In this country, we are fortunate that the dream of homeownership is real for many Americans. Currently, homeownership rates are at nearly 70% of all households in the United States. Through low interest rates and policies that encourage homeownership, our nation has maintained a competitive housing marketplace. Lending in the sub-prime mortgage market has contributed to this high rate of homeownership as many borrowers would not have had access to financingin the prime or conventional market.
Unfortunately,it is clear that some sub-prime lending has been excessive and some borrowers have been subjected to abusive lending practices. In the Twin Cities', we have seen the rate of foreclosure and mortgage payment delinquencies increase this year, and the trend is not unique to Minnesota. In the U.S.,delinquency and foreclosure rates for sub-prime loans have continued to rise since mid-2006. Currently,the Government Accountability Office (GAO) is conducting an important investigation to determine the root of the cause for this rise, and I look forward to reviewing their assessment.
The growing number of mortgage foreclosures across the U.S.has been the catalyst for an important policy discussion on how to balance enhanced consumer protections without restricting the accessibility of loans to creditworthy borrowers. As a member of the House Financial Services Committee, I am committed to addressing this issue and believe in a twofold approach: we must consider policies that weed out bad apples and enhance a safer sub-prime mortgage market, while ensuring communities do not lose access to needed credit services and financing choices. Mortgage lenders should embrace responsible practices to curb predatory and abusive lending. Concurrently, borrowers shouldnot have to face the loss of homeownership due to excessive efforts to restrict sub-prime lending.
I believe we must achieve an important balance amongst these issues and promote reasonable policies that will help more Americans obtain homeownership, and keep it. Be assured, I will keep your thoughts in mind when making decisions regarding this issue in the future.
Once again, thank you for contacting me. Please keep in touch.
Sincerely,
Michele Bachmann
Member of Congress
So she is against "bad apples" and for "reasonable policies." She "will keep my thoughts in mind when making decisions regarding this issue in the future." I had hoped she by now had things more specific in mind, since the matter has been worsening for months and months.
That to me is a wishy-washy bland non-committal response. To me it means no stance of substance, no policy ideas for present, but assurance that anybody against homeowhership will not get far - November 2008.
I wish there were more substance to the response. Such as whether the prepayment penalties and some of the Countrywide Financial practices reported Aug. 26, 2007 by Gretchen Morgenson in the New York Times are things she finds okay, or condemns.
That is the sort of gutsy stand I would rather see, the kind of thing a Bruce Vento or Paul Wellstone would not waffle on. Please, write Ms. Bachmann about the issue, about specifics, and see if she has any in mind or only cares to weave vague generalities. I am not saying Patty Wetterling at this point would have been more specific and creative, had she won. I believe it might have been the case, but for now Ms. Bachmann is my representative and I am at least assured she recognizes a big splat on the windshield of consumer goodwill, and does not want her splat next to it.
Mark Knopfler noted, it is better to be the windshield than the bug, the Louisville Slugger than the ball. If Barny Frank and Kieth Ellison on the committee Bachmann serves on can count on her support of ameliorative effort, it will be good for the nation. Leave it there.