I am writing in opposition to H.R. 5818, the Neighborhood Stabilization Act of 2008.

 

The bill designs that States and Cities administer the funds, ala unemployment or food stamps, doling it out as they see fit without strings; there appears to be no restriction of applicability to those already in or near foreclosure, or to only those lawfully here or nationals of the USA.

 

First, Illinois would say this helps homebuilders and JOBS re same; actually, like Chicago never tries for Olympics any more, Illinois can't vie for farms or ethanol, given that literally every corn field south of I-80 has already been converted into New Urban housing...so goodbye lower food, grain, or ethanol-potential fuel prices. And there are here but a handful of superbuilders and contractors, all capable of sprouting a whole community of Enhanced Fujita Scale housing in a few months or less; one realtor is north America's largest mall developer, and has a mind-numbing array of names (including diverse rental company names statewide/regionally) of public record attached to but one DuPage County office...and is another specialist in immigrant-based subprime lending.

 

Second, like many places, Illinois and all its Towns have completely divested interest in business development except New Urbanism, on belief wherever eminent domain and taxes leave you lacking, just look to the Fed to fund whatever tickles your flights of fancy...where the paradigm is NOT jobs or small entrepreneurship incubation ot exports, the chances of ANY home loan recipient being able to repay starts small and gets even less as the motif expands. If it were otherwise, States and Towns could easily sell bonds and such instead; they don't as THEY have no faith in it....just pretty, pretty money without accountability to who's left at end.

 

Lastly, amid such loans, most Illinois officials provide foodstamps (with cash) and omnibus healthcare, again on Federal reimbursements and it is only incidental that immigrants are the thirst (although you CAN 287g them if things tighten); 2007 mortgage fiasco shows this does little for economics of nationals except drive food and health costs higher, and while some immigrants just flee until Towns have more cash to "start them over", most immigrants are left without both here and in countries of origin...where some clergy, like Cardinal George, insist they need re-re-re-re-re-liberation from Latin dictators and hard economic times, such clergy detached from awareness of their own St. Vitus dance on the matter of "social justice and human dignity".  

 

To reiterate, HR 5818 will drive up food and healthcare costs, undermine jobs, undermine alternative fuel production space, not encourage commerce or trade incubations, take extremely high risks with the Fed re repayments on top of present national debt, doesn't allow direct administration by the Fed which will be deemed responsible, and cloys to the credulity of immigrants as well as to the desperation of many nationals and already present immigrants.

 

For these reasons, I respectfully submit that HR 5818, the Neighborhood Stabilization Act Of 2008, be VETOED by President Bush and that such veto be sustained.