For Immediate Release
Wednesday, November 12, 2008
Contact: Daniel Grant
202-225-4501
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Rep. Price Advocates Responsible Government Policies Regarding our Mortgage Markets

Washington, DC – Rep. Tom Price (GA-06-R) issued the following statement after participating in a Financial Services Committee hearing entitled, “Private Sector Cooperation with Mortgage Modifications-Ensuring That Investors, Servicers and Lenders Provide Real Help for Troubled Homeowners.”

“Many Americans are suffering due to the effects stemming from our troubled mortgage markets,” said Rep. Price. “But, we must make certain that the federal government’s actions do not encourage irresponsible behavior. Attempting to alter preexisting private contracts via the force of government, as some in Congress are advocating, goes against fundamental pillars of American contract law and our financial system – and also common sense.

“Instead, we should work toward positive solutions that help diminish the number of foreclosures and provide incentive for homeowners to not simply ‘walk away’ from their mortgages. Encouraging mortgage rate buydowns and expanding homeowner tax credits are good examples of responsible policies we should institute that would aid homeowners without overreacting with the heavy hand of government.”

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