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October 12, 2008Company Issues Urgent Letter to Henry Paulson Regarding California Housing Crisis |
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From PR Newswire: Government and Policy: WCPS, parent company of Renttoday.us issued an urgent letter to US Treasurer Henry Paulson asking to have the Southern California housing crisis addressed. The letter found on the company's website cites that the recent crash on Wall Street is keeping displaced homeowners in the shadow of financial crisis. The company issued a 5 point plan to help free up housing issues and to create affordable housing solutions to homeowners who are in foreclosure or have recently lost their home to foreclosure. "The plan is straight forward," explains Damien Melle, Chief Operations Officer of WCPS. "When distressed homeowners are forced to downsize their lifestyle by moving to a smaller home, the need for new things decreases. This in turn results in less money being spent on consumer goods. If Wall Street thinks we have a credit freeze, wait until they see what happens when consumer wallets freeze up." The plan calls for additional tax credits to investors who purchase 3 bedroom or larger single family homes for the purpose of renting, banks and funds who either sell off large bulks of those homes to investors or convert them into rental housing, and homeowners who have lost their home and who are forced to rent. Additionally it calls on property management companies to change the way they qualify tenants who have defaults, foreclosures, and bankruptcy on their credit. The company founded in 2003 under the name West Coast Property Specialists, Inc. to accommodate real estate investors with a variety of services ranging from real estate brokerage to construction services from San Diego to Los Angeles.
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