Here's a Blank Check; Please Act Responsibly

Posted: Jul 24, 2008 1:15 PM
Here is the video of my appearance on Fox Business this morning discussing the fall-out sure to come if the Senate passes and the President does not veto H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008.

I was extremely disappointed that the House passed the housing bail-out bill. This legislation misses the mark and does nothing to address the foreclosure problems our nation is currently facing. Instead of making it easier for America’s hard working taxpayers to make their monthly mortgage, this bill forces them to pay more to fund a misguided, massive housing program.

At a time when so many families are struggling to pay skyrocketing food and gas costs, the last thing they need is another bill from Washington.

While rewarding irresponsible lenders and borrowers, and propping up the overextended, financially unstable Fannie Mae and Freddie Mac, it does absolutely nothing to ensure that we don’t get into this situation again sometime down the road.

Washington should be concerned about helping families that can’t pay their mortgages, but increasing government and taxes doesn’t help them – it hurts them. Congress should truly consider the consequences of this action before it makes matters worse.