A conservative Senator from Georgia teams up with a green one from Colorado to require that FannieMae consider home energy efficiency in setting mortgage rates?
According to Environment and Energy Daily:
Sens. Michael Bennet (D-Colo.) and Johnny Isakson (R-Ga.) will introduce a bipartisan bill that would adjust the mortgage underwriting process to consider energy costs.
The “Sensible Accounting to Value Energy Act” would require federal loan agencies to include projected energy costs when financing a house, essentially offering better mortgage values on properties that are more energy efficient. The bill, supporters say, could offer savings of hundreds of dollars to homeowners with almost no cost to taxpayers.
First, energy efficiency through legislation is a Trojan Horse for the green goal of energy rationing.
Next, Bennett is married to the former Susan Daggett, who used to work for the Earthjustice Legal Defense Fund and the Sierra Club Legal Defense Fund. She currently serves on the Board of Trustees and as Policy Committee Chair for The Nature Conservancy of Colorado and is also a member of Greenprint Denver, an initiative of the Denver Mayor’s Office to promote the importance of sustainable development and ecologically-friendly practices.
Finally, FannieMae, FreddieMac and the rest of the federal mortgage complex is incompetent and corrupt has already been well demonstrated.
What is Isakson thinking? Ask him.
Yesterday I had a disappointing conversation on S.1737 with an Isakson aide enthusiastic in his support of Isakson’s bill. I pointed out that consumers’ high energy costs was the result of over-regulation and inhibition of resource access, and that Isakson should focus instead on the root cause by helping the associated bills passed by the House get through the Senate, making energy affordable for all and negating the need for consideration of energy expenses in a mortgagee’s ability to pay. The aide’s response was “I’m not an energy expert.” (me rolling my eyes) I noted the expensive nature of energy-efficiency retrofitting, and how some folks wouldn’t be able to afford it and could have trouble selling their houses. The aide responded, “There’s energy tax credits for that” and something to the effect of “it’s the homeowner’s fault if he’s underwater.” OMG! I replied the use of tax credits means, contrary to Isakson’s statement, there IS a cost to the taxpayer. The conversation was all downhill, er..subterranean, after that.
I’ve spent the afternoon emailing dozens of tea party leaders in Georgia and posting in Facebook alerting Georgians to call Senator Isakson and ask him not to sponsor or support this bill. I’m working on letters to the editors of two local newspapers, too.
THANKS for the heads up on this horrible bill. Great work, as always!
This kind of political interference with the housing market caused the crash in the first place. What kind of idiot would want to restart that again?