Saturday, January 05, 2008

Musgrave fails district

Musgrave fails district.

According to the Colorado Department of Housing, in Colorado, foreclosure filings increased 31 percent from 2005 to 2006. Projections for the full year of 2007 further suggest a greater percentage.

A bipartisan bill passed the House of Representatives in mid-September titled "House Resolution1852: Expanding American Homeownership Act of 2007." It will go to the Senate in early 2008. The vote was 348-72, with 12 not voting. All three Republican congress members from Colorado voted nay. This includes "our" Congresswoman Marilyn Musgrave. The estimated cost, by the Congressional Budget Office, is $1 per family in the United States.

Nowhere is the foreclosure problem greater than in Colorado's 4th Congressional District. The city of Greeley had the highest foreclosure rate of any metropolitan area nationwide. In Weld County, a total of 393 properties were entering some stage of foreclosure in September. This is one foreclosure for every 168 households (Denver Business Journal, Oct. 11, 2006)."

The bill will lower down payments; increase loan limits; support housing counseling to help subprime home buyers and borrowers who are late on their mortgage loans; adjust "reverse" mortgages for seniors; raise the FHA multifamily loan limits; and increase the "Affordable Housing Fund."

I find it ironic that when our congresswoman made a "poor tour" of Larimer County this fall, she failed to discuss why she voted against those who are clearly experiencing great loss when they had their home foreclosed. I urge readers to ask her about this vote when she comes into your store or has one of her "public" chats.

Ann Molison,
Fort Collins