Senator Coleman to Host Town Hall Forum on Housing

by Alex Stenback on November 16, 2007

Senator Coleman, who recently proposed legislation allowing homeowners to tap retirement accounts to avoid foreclosure (a decent bill, by the way – more on this here)  will be holding a town hall meeting to address the mortgage/housing situation in Minnesota:

As part of Senator Coleman’s on-going efforts to address the mortgage crisis affecting homeowners across the state, the Senator will be holding a Town Hall Forum the afternoon of Monday, November 19th at Greater Twin Cities United Way. 

Robert Steel Under Secretary for Domestic Finance, U.S. Department of the Treasury and Richard Todd, Vice President of Supervision, Regulation and Credit at Federal Reserve Bank of Minneapolis will be joining Senator Coleman at the Town Hall Forum to hear first-hand from homeowners, community housing organizations and key industry groups.

The Forum will seek to address federal and state efforts to assist distressed homeowners and the root causes of the current mortgage crisis so that future such crisis can be avoided.

Though we’d like to believe that this type of gathering would advance some useful solutions on this front, these town halls typically work out as nothing more than a combination of political pandering and mass airing-of-grievances. 

In other words, we find it hard to believe that anything new will be discovered here.  We know the root causes:  Regulatory bodies asleep at the wheel while the mortgage market, (borrowers and lenders alike) careened out of control.  We also know the solution: Prosecute bona-fide cases of fraud, let those that took too much risk (lenders and borrowers) suffer the consequences, and erect some meaningful regulatory boundaries and barriers to entry across the entire spectrum of mortgage banking.
Senator Coleman to Host Housing Forum [Coleman.gov]

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