Currently, many American homebuyers who were given subprime loans coupled with Adjustable Rate Mortgages (ARMs) are facing difficulties paying their mortgages and have been forced to foreclose. While some of these homebuyers unwittingly burdened themselves with mortgages that were far beyond their financial capacity, many unfortunately, were cognizant of this dubious situation.
Due to the overwhelming number of foreclosures the federal government is being asked to assist those struggling to pay their mortgage. I will support measures that will help those in need without placing the burden on taxpayers and homebuyers who have been diligent in paying their mortgages.
House of Representative Republicans have announced a series of principles to guide Congress when addressing the tension in the current housing market. These principles will help lay the foundation for Congress to act soundly and responsibly on behalf of millions of American homeowners.
· Support Homeownership. Homeownership is central to the American dream and a key part of our free economy. We need to keep the dream of homeownership within reach of middle-class families.
· Jump Start the Housing Market. The best way out of the housing crisis to get Americans purchasing homes again. The housing market needs a jump-start, not a bail-out.
· Lower taxes on middle-class families. Lower taxes on middle-class families will help increase homeownership. We cannot tax our way to a housing recovery, and higher taxes on American families will only add to the middle-class squeeze.
· Help Needy Homeowners Who are Truly Victims. We must address the threat to our economy and help needy homeowners who are truly victims without a taxpayer bailout that rewards reckless behavior.
· Reform and Transparency. We must bring reform and transparency to the housing market and improve our overall economy, as well as ensure that this situation doesn’t become a feeding frenzy of trial lawyers eager to profit from people’s misfortune.
· Fairness for Responsible Homeowners. As a matter of fairness, we should stand up for Americans who saved and invested responsibly, not reward reckless behavior at the expense of those who did the right thing.
· Protection for Taxpayers. We should protect taxpayers from having to bail out speculators and scam artists.
· Stake in the Outcome. Anyone receiving government assistance should have to make a financial sacrifice and have a stake in the outcome.
For More information on homeownership, and help with forclosures I encorage you to visit No Homeowner Left Behind's website by clicking on the NHLB logo below.
