Rep. Frank Lucas Opposes Housing Bailout
Washington, DC – Today, Congressman Frank Lucas stood up for the American taxpayer by voting against a $275 billion housing bill that would reward irresponsible home buyers with taxpayer money. The controversial program has been panned by financial experts as well as many Americans.
The housing bill includes provisions that will allow bankruptcy judges to write down the principal and interest rate of loans for people whose mortgages are higher than the value of their homes. In addition, it will overhaul the unsuccessful Hope for Homeowners program, which has assisted only 43 homeowners since enactment last summer.
“There are aspects of this bill that I support, such as permanently raising the insurance limit for the FDIC from $100,000 to $250,000. This will help to strengthen our banks, especially local and rural banks,” stated Lucas. “However, the precedence that this bill sets- that the government will bail you out if you make an irresponsible or negligent decisions- is just bad policy, plain and simple.”
The housing bill passed the House by a vote of 234-191 and will most likely be considered by the Senate sometime this month.
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