NAHB PAC locks congressional war chest

The president of the National Association of Home Builders trade group today announced that the group is freezing all contributions from its political action committee to federal congressional candidates to protest a perceived lack of federal action to lift the housing sector.

"This extraordinary action was taken because the NAHB BUILD-PAC Board of Trustees felt that over the past six months Congress and the Administration have not adequately addressed the underlying economic issues that would help to stabilize the housing sector and keep the economy moving forward," said NAHB President Brian Catalde in a statement.

"More needs to be done to jump-start housing and ensure the economy does not fall into a recession. This action will remain in effect until further notice."

Less than an hour before this announcement, NAHB had applauded the Bush administration for an agreement among six major lenders to postpone foreclosure proceedings for some borrowers while pursuing workout plans.

In that earlier announcement, Catalde called upon Congress to modernize the U.S. Federal Housing Administration and reform Fannie Mae and Freddie Mac.

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