HUD Secretary Defines 'Bottom Line'

With the gravitational pull of the subprime meltdown continuing to act as a drag on the housing market, Housing Secretary Alphonso Jackson went to the Mortgage Bankers Association's annual convention in Boston to remind financiers that "placing keys in the hands of new homeowners" is still the "real bottom line."Secretary Jackson told the convention that he hasn't been hearing enough lately about what is not only the American Dream but the dream of billions of people throughout the world. "A home represents empowerment, respect, pride, equality, financial security, and a stake in the community," he said. "It is where we live and grow up and grow old together." The HUD secretary also used his MBA appearance to stump for legislation that would reform the Federal Housing Administration, saying that it will "help break the cycle of foreclosure and price depreciation, and bring much-needed liquidity to the mortgage market." Noting that the Bush administration has exhausted its administrative ability to help people buy and keep their houses, he called on lawmakers to act quickly. "Each day of delay unnecessarily places thousands of families at risk of foreclosure," Secretary Jackson said.