Once again, the Democrat majority has chosen to put our nation’s hardworking taxpayers on the hook for billions of dollars while at the same time calling it a solution. I am committed to helping stabilize the housing economy but not at the expense of Americans who are trying to make ends meet. Gas prices and food costs are currently sky rocketing, the last thing that innocent taxpayers need is to be burdened with another bill.

H.R. 5818 is nothing more than a bailout for lenders who chose to make risky bets on the housing market. My constituents from New Jersey should not be expected to foot the bill. This proposal sets a bad precedent for the housing market by providing lenders with an incentive to foreclose rather than working out the situation with the homeowner in a way that doesn’t put our taxpayers on the hook.

This entry was posted on Wednesday, May 7th, 2008 at 12:55 pm and is filed under Politics .