Thursday, April 10, 2008

I take exception to the assertion in the April 7 editorial "A Pro-Foreclosure Bill" that the $7,000 tax credit in the Senate housing measure will encourage home foreclosures.

I was in the real estate business for 33 years, and, believe me, no one wants a foreclosure. The banks know that it is an expensive, lengthy process.

Those living in that home certainly don't want to vacate the home or have a foreclosure on their credit report.

The $7,000 tax credit for anyone who purchases a foreclosed home within a year of the proposal's enactment will inspire qualified buyers to get off the sidelines and into the market. It will allow us to replace loan defaults with good mortgages, which will stabilize housing prices for all homeowners. It worked in 1975 when Congress passed a tax credit for home buyers, and it will work again today.

JOHNNY ISAKSON

U.S. Senator (R-Ga.)

Washington