Congressman Barney Frank Speaks at H. Pearce Quarterly Meeting

North Haven (August 2011) – President and CEO of the H. Pearce Real Estate Company, Barbara L. Pearce, would like to thank Congresswoman Rosa DeLauro for inviting Congressman Barney Frank to speak to Realtors and financial professionals at the University of New Haven on Thursday, June 30th. The U.S. Representative for Massachusetts’ Fourth District, and co-author of the Dodd-Frank Wall Street Reform and Consumer Protection Act, addressed a packed room.

The meeting began with a speech from Congresswoman Rosa DeLauro, U.S. Representative for Connecticut’s Third District. DeLauro had previously been the keynote speaker at H. Pearce Company’s annual meeting in April. She explained how a conversation between herself and Barbara Pearce led to the invitation of Barney Frank to the meeting, as employees of the company were unsure of what the Dodd-Frank Wall Street Reform and Consumer Protection Act entailed. The Dodd-Frank Wall Street Reform and Consumer Protection Act was a 2,000 page law, signed into effect July 2010, aiming to regulate financial agencies nationwide.

Congressman Joe Courtney, U.S. Representative for Connecticut’s Second District, also spoke. Courtney spoke in favor of the bill, citing the need for economic transparency in order for the market to stay stable.

Frank described the economic climate that led to his proposal of the bill in 2009, mentioning how American society’s innovation got too far ahead of the framework of rules initially implemented by the public sector. According to Frank, the rules never adapted over the past 30 years as the private sector vastly grew. This was specifically highlighted by the banking industry’s newfound competition with non-regulated entities that allowed greater loan requests.
From January 2007 to January 2011, Frank chaired the House Financial Services Committee and his high ranking enabled him to gain support for the bill. Frank said the legislation could have actually used $2 billion in federal funding to help those in danger of foreclosing. However, he feels partisan politics prevented the bill from reaching its full potential, so the proposal was cut in half to $1 billion.

After Frank completed his assessment of the bill, he led a question and answer session with the conference’s attendees. Concerns ranged from the S.A.F.E. Mortgaging License Act of 2008 to the possibility of subsidization for Realtors. Frank said the House has defeated all efforts to provide subsidies, but added that it is an issue he will continue to push in Congress, along with housing consolidation concerns.

To close the meeting, Pearce thanked all three officials for coming to clarify many questions the Realtors and bankers had involving the future of their industries.

Congresswoman Rosa DeLauro, Keynote Speaker at the H. Pearce Company Annual Meeting

North Haven (June 2011) – Pearce Real Estate President and CEO Barbara L. Pearce is pleased to announce that Congresswoman Rosa DeLauro, US. Representative for Connecticut’s 3rd district was H. Pearce Company’s keynote speaker at its annual meeting. “We were honored to welcome Congresswoman Rosa DeLauro to our annual meeting,” said Barbara Pearce. “She has accomplished so much on both the state and national level and contributed so much to our community. She exemplifies true citizenship.” The annual meeting took place on April 28th at the New Haven Lawn Club.

The annual meeting opened with a slideshow that celebrated Herb Pearce’s accomplishments throughout his life. Herb Pearce, the company’s founder, sadly passed away on April 18th. Barbara Pearce thanked everyone for their thoughtfulness and encouraged H. Pearce agents to go forward and succeed, to make Herb proud.

She then presented the company awards. Linda Teixeira-Ohr, Wallingford Regional office, and Virginia Vinci, Rocky Hill Commercial office, received awards celebrating their 20 years of service. The 20 members of The 2010 Chairman’s Circle also received their awards and Joyce Ellen of the Wallingford Regional office received her Rookie of the Year award.

The Honorable Rosa DeLauro gave a special thanks to Barbara Pearce for her invitation to speak at the meeting and shared kind words about Herb Pearce. She described the H. Pearce Company as being a “fixture” in Greater New Haven since 1958, saying, “Pearce has consistently given back and supported the community on every level.”

DeLauro shared critical issues surrounding the real estate recovery and solicited feedback from the audience, who shared their experiences and concerns. DeLauro discussed Congress’ interest in capping or removing the mortgage interest deduction, which would be detrimental to the financial survival of homeowners. According to DeLauro, it has been predicted that a decline of at least 17% in home values would result if the mortgage interest deduction is removed. She stressed that foreclosures drive the house prices down, affecting everyone, and that there are more foreclosures now than ever before. She shared that, on average, Americans borrowed 97% of their home value and that lenders are being incredibly difficult. DeLauro noted that the market and lending have to get back in line, but in a way that will not unduly undermine the biggest nest egg that most Americans have –their homes.

However, she also discussed the benefits of homeownership in spite of the difficult real estate market. She said that though rising home values have not made up for the deficit and there is still much work to be done, “[we should not] give up on the American Dream!” DeLauro urged everyone to get involved and speak to their representatives. “It is necessary to reform Fannie Mae and Freddie Mac,” said DeLauro, “…It’s time to help American families get back on their feet.”

Agents had many questions for the Congresswoman. She spent time answering each one and provided suggestions. Questions were asked about the double tax on sellers’ conveyance tax, the 1% tax on buyers, reintroducing tax credit, making one’s voice heard, short sales, loan modification program (HAMP) issues, and the Dodd-Frank legislation.