Industry News

Builders freeze political contributions

NAHB says Congress, administration have not done enough to boost housing

National Association of Home Builders officials on Tuesday announced plans to freeze all contributions from the group's political action committee to federal congressional candidates for a perceived failure to address "underlying economic issues" to stabilize the housing market. The announcement came less than an hour after a separate NAHB announcement that praised the Bush administration for an agreement by six major lenders, called Project Lifeline, to stall foreclosure proceedings for some borrowers and pursue workout plans. "This extraordinary action was taken," NAHB President Brian Catalde said in a statement, "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." According to OpenSecrets.org, a Web site operated by The Center for Responsive Politics, a nonpartisan an...