Congressman Calvert is sending out an email in response to the President’s address this past week.  In his response Calvert says, “The market-based loan modifications make sense for homeowners who are on the margins, but in some cases, people simply bought homes they could not afford.  While I agree that foreclosures adversely impact other homeowners, I do not believe homeowners who pay their bills on time and renters, who have saved up to buy a home, should foot the bill. The moral hazard in this case is simply too great and establishes a troubling precedent.”

This argument hardly seems credible coming from a gentleman who authored a bill loosening adjustable rate regulations that encouraged folks to purchase homes they couldn’t afford.  Back in 2003, Calvert wrote HR 1443 (Access to Affordable Mortgages Act) which amended the National Housing Act to assure that 5/1 Adjustable Rate Mortgages (ARMs) were offered competitively in the marketplace.  At the time Calvert said, “Congress has recognized the importance of more loan options to home-buyers and banks by allowing a range of adjustable mortgage rates.  This provision will increase interest rate flexibility and thereby contribute to a stable economy and a robust real estate market.”

Considering that Mr. Calvert himself is a real estate professional, it’s amazing he couldn’t see the flaw in his own legislation and believed it would lead to a more robust real estate market and a stable economy.  The largest city in his district (Riverside) now has one of the highest unemployment rates in the nation and ranks as the fourth largest foreclosure market in the country.  This is also the same “real estate expert” who purchased land illegally in Jarupa (another portion of his district).  With real estate experts like Mr. Calvert telling us what does and doesn’t work with regards to the real estate market, who needs the Obama economists, right?

Dear Friends,

I’m here in Washington, DC, for meetings and was privileged yestreday to attend the inauguration of our 44th president, Barack Obama.  As you can imagine, it’s been impossible to walk the streets of the capital and not feel the overwhelming sense of anticipation and optimism radiating from the crowds.  Like you, I have awaited this inauguration with tremendous anticipation because of my great hope for real change after the damaging Bush policies of the last eight years.  As Americans, we suddenly are overflowing with optimism because the presidency is to be assumed by a man whose experiences bring a unique understanding of our nation’s history, diversity, and challenges.

Our challenges, though serious, are by no means insurmountable. During the next four years, I believe we will see genuine progress in the fight to guarantee health care for all Americans, as well as a renewed urgency to address the degradation of our environment during the Bush presidency.  President Obama has assembled an excellent team to tackle the economic quagmire left behind by the Bush Administration and we expect major investment in our

country’s infrastructure.  Moreover, unlike its predecessor, we fully expect an Administration that respects the rule of law.

A third of all Americans call this inauguration the nation’s most historic.  I join that third in their sentiment.   As the Obama Administration assumes the nation’s helm, I very much regret that I will not be able to fight for the residents of the 44th Congressional District from within the halls of Congress in this next session.  However, we will continue our fight to bring effective representation to our district-representation that reflects the real values of our residents!

All over DC the signs say, “Yes, we did!”  As we look toward 2010 in the 44th Congressional District, we say proudly, “Yes, we will!”

Bill Hedrick