Home Builders to Capitol Hill Gang: Stop Foreclosures
From BUILDER, by Alison Rice: Amid continued political wrangling over revisions to a $700 billion rescue plan aimed to stabilize the fast-deteriorating U.S. financial complex, home builders believe focus belongs on the cause of the economy’s meltdown, not on its symptoms. BUILDER captures the perspectives of home building leaders from Atlanta to Washington State, as they react to Monday’s failed rescue measure, and offer opinion on what needs to be done first to prevent home prices from plummeting farther: Stop foreclosures.
Larry Webb, chief restructuring officer for LandSource, agrees with Hawksley about the complexity of the current housing and economic crisis. “There is no silver bullet,” says Webb, formerly of John Laing Homes. “Foreclosures must be absorbed, inventories must be reduced, financial institutions must be stabilized, and the economy must be strengthened.”
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BIG BUILDER’s Sarah Yaussi writes about other CEO’s views for what’s needed.
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Read about the status of an anticipated reworking of the financial rescue measure.
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Here’s what pros in other industries told CNBC about revisions to the plan; and leaders in other sectors who call for the rescue plan’s passage.
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