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October 25, 2010

An open letter to Minnesota’s Congressional Delegation

Dear Members of Congress:

The recent and ongoing housing loan crisis begs for a true reform of the way our market works. There is ample evidence that much of the crises are the result of well intentioned government efforts to make homes affordable for all. As you are aware Massachusetts Representative Barney Frank, once a champion of Fannie Mae and Freddie Mac, is now calling for their abolition. The reason can be simply stated: Subsidizing risk for lenders using government guaranteed loans put the American taxpayer on the hook for substandard lending practices. Let our housing market operate and be as healthy as those markets in Canada and Europe who have no government guaranties. These markets have not suffered the real estate crises we currently experience and homeownership as a percentage of population is as high, in some cases higher, than ours. It is time to abolish all but one of our government loan guaranty programs.

Most citizens of our great nation have agreed that those who serve should have exclusive benefits earned through this service. It is the men and women who wear the uniform of the United States Military that have earned such privilege. The Veterans Administration program of making affordable and well regulated home loans to this special class of citizens should continue. It should also be exclusive to them. As you and other Minnesota elected representatives consider true remedies to our housing and loan crises we pray you will carve out what should be very special recognition for our military veterans. No other group of citizens in this country is as deserving.

Sincerely,

Joan Rusco

VALoansMN

PO Box 304

Rosemount, MN 55068