Mortgage Reform

Tribute to Congressman Brad Miller

The average IQ in the House is about to drop a little:

In Congress, Miller played a significant role in legislation related to economic recovery (he had graduate studies in economics as well as a law degree) and predatory mortgages. In any issue in which he became involved, Miller studied carefully and by the time he entered the debate, he knew what he was talking about.

You got that right. The first time I saw Brad on C-SPAN he was grilling some dude from AIG (I think it was), and the poor guy drained a whole carafe of ice water trying to replace the sweat. The thing is, he didn't bark and growl like some of his pompous colleagues; when you know your stuff, you don't have to. Here's just a glimpse of what we're losing:

Housing Groups Urge President to Act Now on Wall Street Accountability

The Campaign for a Fair Settlement (CFS) and The New Bottom Line (NBL) have launched an Internet advertising campaign to pressure President Obama to hold Wall Street accountable for the foreclosure crisis and require big banks to pay back underwater homeowners through large-scale principal reduction. The campaign drives voters to post a message on the Facebook pages of state OFA offices that says: “President Obama: I am a North Carolina voter. I want Wall Street criminals held accountable and I want the big banks to pay us back. Do what’s right for North Carolina!” North Carolinians can access http://www.makebigbankspay.com/north_carolina to make their voice heard and tell the Obama administration to take stronger action for homeowners and against big bank corruption.

Mortgages, Neckties and Toasters. What Will They Think of Next?

Serious economists are now arguing that we should not reflexively celebrate “innovation” in the financial sector as we do innovation in the real economy. I was ahead of my time. I said the same thing almost two years ago, and people laughed at me.

Okay, that may have had something to do with how I said it.

When the House debated predatory mortgage lending legislation on November 15, 2007, I responded in an extemporaneous floor speech to Republican arguments that the legislation would throttle innovation in the financial sector, using an example of innovation in the real economy that was within my reach:

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