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CARTER VOTES AGAINST HOUSING BAIL-OUT BILL

07/23/08

Washington, Jul 23, 2008 - U.S. Congressman John Carter (TX-31) issued the following statement today after voting against the Democrat “Housing Bail-Out” bill that creates a massive multi-billion dollar government program on the backs of American taxpayers.

“Make no mistake, I am strongly in favor of commonsense reforms to the housing market, but the bill that passed the house today contains no such reform and is a bad bill for American taxpayers.

“This country deserves a housing market that holds unscrupulous lenders accountable.  Republicans have introduced plans that would help struggling homeowners without rewarding those companies that got them there in the first place.  That type of legislation makes sense.

“What doesn’t make sense is a bill that includes a $4 billion slush fund that allows state and local governments to buy foreclosed properties from lenders that are the root of the problem-and charging it to taxpayers.

 “Had this bill been fully examined, it would have been made clear that, in order to pay for parts of this package, Democrats are imposing a $9 billion permanent tax on Fannie Mae and Freddie Mac.  These are the very programs we are supposed to be helping sustain their viability.   

“We should be reforming the mortgage system to allow individuals who were duped by lenders to stay in their homes, and ensure this type of predatory lending is prevented in the future.  Given the opportunity, Republicans have legislation that would fix the problem without punishing the taxpayers, and ensure that this type of crisis does not happen again in the future.”

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