Background
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The home is central to American life. It is where dreams thrive and the future takes shape. It is where families make lifelong memories, and children are nurtured so they can build a better tomorrow. Owning the home that plays such an important role in their lives is a cherished ideal for most families. They know that home-ownership promotes social stability and is critical in creating wealth and providing upward mobility and financial security for individual households. Housing and homeownership are also critical to a strong and prosperous nation. New home construction spurs productivity, creates jobs for millions of Americans, and generates revenues for all levels of government. For almost a century, national policy has acknowledged the importance of the home in American family life. Today, homeownership is under attack. Legislative and regulatory proposals now under consideration would greatly harm home owners, home buyers, the housing market and the nation's economy. There's no question that the business practices and excesses that contributed to the housing market crisis must be corrected. Prudent underwriting and other safeguards are essential. But the proposals now under consideration would go far beyond simply fixing the problem. They would reverse the housing policies that created a thriving middle class and contributed to a century of economic progress. They would change the rules for millions who have sacrificed to get where they are, and they would penalize families for the lending industry's mistakes. These proposals also would force millions of Americans to delay homeownership or even give up hope of ever owning a home. They also would threaten the system that ensures that affordable, high quality rental housing is available to meet the market's needs. Ultimately, millions of American families – and the nation's economy – would suffer. For that reason, it is important that policymakers be fully aware of the depth and breadth of housing's many contributions to American society and know how voters feel about homeownership and housing policy.  |
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