Governor Easley Did Good

Friends, you may recall our recent discussion about the subprime lending scandal threatening the working families of this nation, and how the damage has really taken an insidious toll in the core of North Carolina's 8th District.

Let me tell you about one of the neighborhoods in Cabarrus County where I happened to knock on doors meeting voters, as I did all over the District, Southern Chase. Southern Chase is a nice middle class neighborhood populated with starter and medium sized homes full of families, kids, hopes and dreams. Even though it was last year I walked the neighborhood, the optimistic names of the streets stick with me even today - Winner's Circle, Champion, Parade...

Folks, the Charlotte Observer recently reported that one in five, yes, 20 percent of the folks I met that day have now lost their homes.

I was pleased to see, however, the Charlotte Observer had some better news for us recently as "Easley Approves Mortgage Oversight."

Mortgage fraud becomes a felony Dec. 1. The names of people who originate loans will be recorded from April 1, 2008.

"These are good consumer protection measures," Easley said in a statement Thursday. "This is good protection for the homebuying public."

Hallelujah! This is a good start. I'm very happy about the additional efforts recently passed and those being considered by our State Senate right now, but the issue goes far beyond North Carolina.

The legislative ferment is North Carolina's piece of a national issue. A boom in lending to lower-income families, and those with damaged credit, pushed home ownership to record levels over the past decade. Now many of those families are losing homes they purchased with so-called "subprime" loans. Often, the loans carried low introductory rates that increased past the point of affordability after the first few years.

Last week, federal banking regulators issued guidelines requiring steps once dictated by common sense, such as documenting that a borrower can afford a loan.

I've always talked about working together at all levels of government - Federal, State and County right down to neighborhood associations - to solve problems, create opportunity and prepare for the future. I'm glad to see the hard work has begun, but you know we've got a long way to go. I intend to be a Congressman who works to bring all levels of government together to solve problems. It is a shame that we didn't have folks working ahead of time to cut this off at the pass. When are we going to learn that real advancement only becomes reality when we move beyond the constant catch-up and playing to the political winds? Already struggling families shouldn't have to be devastated to warrant our attention. The litmus test on this or any other issue (job losses, minimum wage, the War in Iraq) should not be is it bad enough yet to merit action?

I say it all the time. I believe in the tide that lifts all boats. Not, rebuilding the safety net only after it's been burned to the ground. I'm so ready to get to Washington and get to work. I can't thank you all enough for standing with me.

My thanks goes out to all those who've stepped up this past quarter and made our campaign to take back our Country a reality. Please consider joining us if you haven't already, but know that you're already one of us no matter where you live.