What's being described as a "hastily written" bill, H.R. 7189 looks to avoid a repeat of what happened two decades ago in Southern California following the savings and loan crisis, a period when investors and speculators contributed to the sinking property values in San Bernardino and Riverside counties. "The bill, introduced Sept. 27 by Rep. Gary Miller, a Republican who represents some of the areas in Southern California hurting from the mortgage meltdown, promotes the formation of regional public-private partnerships that could buy homes in their geographic area from the Treasury. This approach, they argue, would help stabilize neighborhoods and maximize financial returns to taxpayers." As one local businessman notes: "We don't want the cure to be worse than the disease." [WSJ]
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