This morning I have had the chance to catch up on the happenings at several websites and agencies. It has just been a busy time for me, so I missed a press release from HUD. Secretary Preston is using a good management tool for dealing with the current housing crisis. He is gathering government (city, state, and Federal) leaders along with other industry professionals to discuss what HUD has to offer, but to share best practices.
Here is the quote for the goal of the meeting:
HUD’s Summit on Housing: Partnering for Responsible Policyhas several goals:
* To present details of HUD’s current and developing policies and programs, including HUD’s new Neighborhood Stabilization Program;
* To share successful Federal, State and local policies and programs that are preventing foreclosures and reducing the effects of property abandonment and declining home values;
* To cultivate public-private partnerships; and
* To offer an open forum for discussion of best practices.
(here is the link for the press release)
I would have hoped that such meetings would always be happening once a quarter. It is a wise business practice that helps in good times as well as bad. I would suggest that there should be a more expansive meeting to include ideas that would address several issues involved with the credit market along with the housing crisis.
The American public was sold on the idea of using rising home values as a bank. Now we find that potential buyers who would be considered good candidates for mortgages cannot qualify. The two crises are inter-related, and we need the credit markets unfrozen to deal with the housing issues, and we need the housing market to be functioning to help the economy. A vicious circle to be sure.
For confidence to be restored in the markets will take an effort on several fronts. At least a step is being taken now to share what is working among those dealing with the housing crisis.