The housing industry has sent urgent messages to President Obama following his re-election. The reason this is important to all of us is because what happens in the housing market affects the entire U.S. economy.
In a nutshell, here are the urgent messages sent to the President after his re-election. I will skip the obligatory congratulatory remarks and get right to the nitty-gritty:
Mortgage Bankers Association: Strongly urge that burdensome regulation and exposure to litigation do not cut off the supply of mortgage credit to consumers. In other words, don’t strangle us with your pedantic red tape; let us make loans to good people.
SIFMA, which represents securities firms, banks and asset managers: Fix the Dodd-Frank law. In other words, fix that horrid law you passed that has hurt real estate all across America.
National Association of Home Builders: Make sure creditworthy consumers and small businesses can get mortgage loans, tackle housing reform in a responsible manner, and resolve the foreclosure crisis: all of which are vital to spur job growth and strengthen the housing and economic recovery. In other words, let us get back to work so that all Americans can get back to work.
American Institute of Architects: We urge the White House and newly elected Congress to launch a new era of statesmanship by putting aside differences… solve the impending budget impasse…where mandatory budget cuts and tax hikes threaten to cost more than 60,000 construction jobs. In other words, stop fighting and fix the economy already.
There is nothing in any of the above messages to disagree with. We all want a more robust economy, and the housing industry is a key factor. The question now is whether or not President Obama can lead us to it. Time will tell.