SURVEY SAYS: The National Association of Wholesale-Distributors (NAW), of which our own NAFCD is a member, recently conducted a survey to garner a consensus on the duration of the current recession. The question: When do you think the financial crisis will subside? The answers in order of popularity: The second half of 2009—39.57%. First half of 2010—29.64%. Second half of 2010— 13.09%. First half of 2009— 10.07%. And, finally, 2011 or beyond— 7.63%. Interesting, and comforting, to note that most respondents think the second half of next year will launch the comeback and the smallest group feels the faltering economy won’t rebound until 2011 or beyond. Let’s hope the almost 40% is right.

CRI & FHF: The Carpet & Rug Institute (CRI) has joined a broad-based coalition to find solutions to the housing crisis, which has had a devastating effect on our industry. The Fix Housing First Coalition is a diverse assemblage of homeowners and community groups, home builders and manufacturers, all dedicated to addressing the root cause of our economic woes. The coalition is advocating for a short-term incentive for qualified home buyers that would stop the fall in home values, restore consumer confidence, create jobs and lift our entire economy. It plans to create explicit statutory language permitting a tax credit or a refund anticipation loan to be an acceptable source of down payment for home buyers. It also seeks to create a temporary 30-year, fixed rate mortgage of 2.99% through June 30, 2009 and increasing to 3.99% through Dec. 31, 2009. This is an ambitious undertaking and a worthy one.

MORE FHF: The coalition has blueprinted a great plan. After the groundwork is complete, Fannie Mae and Freddie Mac could then purchase these low rate, FHA-insured loans from lenders at full price and resell them at lower market prices, thus subsidizing the difference. It’s time to bail out or rescue the victimized homeowner who is fighting desperately to save his home, if he hasn’t already lost it. The inventory of foreclosed homes is staggering, millions, and action is needed if this problem will ever be solved. If you are interested in learning more about the coalition or want to join it, contact Frank Hurd at 706.428.2136, or email fhurd@carpetrug. org. For more about Fix Housing First, visit www.fixhousingfirst.com.

CAVEAT: One thing you can count on in a troubled economy— swarms of scam artists prey on innocent and desperate people. The Better Business Bureau and the Federal Trade Commission warn that because credit is tight, scammers target that area and work both sides of the street—personal and business. Advance-fee loan operators should be avoided like radioactive waste. They offer solutions to your problems and promise quick action, but the fee must be paid up front. That’s your tip that you’re dealing with a scam artist, according to the BBB and FTC. If you do send in the fee, more than likely all you’ll get is an application form or a stored value or debit card instead of the loan or credit card. They say these signs tell you that you’re dealing with a scam artist: A lender who isn’t interested in your credit history. Ads that say “Bad credit? No problem,” or “Get money fast,” or “No hassle guaranteed.” Also fees that are not disclosed clearly or prominently; when they say you’ve been approved for a loan that you never applied for; a lender who is not registered in your state (check with the Attorney General); a lender who asks you to wire money or pay an individual. Simply put, when times are bad, the bad come out and when the bad come out, you stay in.