Frank, Dodd must not own condos

Once again, our federal government is showing its total ignorance as to how to get the country out of the real estate depression. Recently, HUD and FHA have issued restrictive requirements regarding community associations in respect to government agency approvals pertaining to mortgage insurance. The theory of these restrictions was based upon the subprime mortgage disaster orchestrated by Barney Frank and Christopher Dodd.

Unfortunately, the new restrictions will only keep the housing market in depression for years to come. These requirements are unrealistic and market depressing. What the HUD and FHA requirements ought to do is to demand that banks granting mortgages to individuals require those individuals put a certain percentage of money down on the purchase price of the home they are purchasing and also present financial records to show they can pay the mortgage. Had this been done in the past, we would not have had the subprime disaster. Thank you Barney Frank and Chris Dodd.

If there was such a cause of action called "Congressional Malpractice," these two men would be found guilty. Unfortunately, the geniuses at HUD and FHA do not understand the real estate market and these restrictive requirements are aimed at the wrong target. If these are not repealed, people will not readily be able to sell their units, regardless of how qualified the purchaser may be. This is just another perfect example of the lack of understanding of government bureaucrats. Homeowners should contact their state and federal representatives and tell them to repeal these restrictive regulations.

Steven R. Heuberger

Libertyville