On Monday, January 12, 2009, BiggerPockets.com’s own Richard Warren wrote a compelling piece here on the Real Estate Dispatch called A National GO Zone?, proposing a solution to the nations housing crisis.
At a time when housing is one of the most critical issues in the national debate, I’m excited to let our readers know that the top politicians are also keeping their fingers on the pulse of what is going on in real estate by reading BiggerPockets.com.
As proof of this, we wanted to share with you a letter from the Senate Majority Leader, Harry Reid, in response to the article above.
February 12, 2009
Dear Mr. Warren:
Thank you for contacting me regarding our nation’s current housing crisis. I appreciate you bringing your article The Real Estate Dispatch to my attention.
In my view, the housing market plays a vital role in the financial sector and stabilizing this industry is a key component of our economic recovery. That is why I worked hard to keep this problem from growing as it has. Recognizing that mortgage defaults and declining home values were the root cause of the current crisis, and that Nevada was ground zero for this phenomenon, I worked hard to pass the Housing and Economic Recovery Act of 2008 (P.L. 110-289) that President Bush signed into law on July 31, 2008. Additionally, while Congress worked with the Administration to pass the Emergency Economic Stabilization Act of 2008 (P.L. 110-343) that provided broad flexibility to the Treasury Department to respond to the deteriorating financial system, I pushed for language that requires the Treasury Secretary to ease the number of foreclosures.
As my colleagues and I seek ways to address the economic downturn and the housing crisis, I greatly appreciate you taking the time to share your thoughts and ideas on how best to confront these challenges. I took note of your suggestion to provide tax incentive to stimulate the housing market similar to those imposed in the Gulf Coast following Hurricane Katrina. As Nevada’s senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation’s economy and provide millions of hardworking Americans with the relief they deserve.
Again, thank you for taking the time to share your thoughts with me. For more information about my work for Nevada, my role in the United States Senate Leadership, or to subscribe to regular e-mail updates on the issues that interest you, please visit my Web site at http://reid.senate.gov. I look forward to hearing from you in the near future.
My best wishes to you.
United States Senator