Lucas Opposes Foreclosure Prevention Act
Congressman Frank Lucas today refused to support H.R. 3221, the “Foreclosure Prevention Act of 2008,” a bill that spends billions of taxpayer dollars bailing out lenders and borrowers who made risky decisions in the housing market.
Lucas said the current bill contains several troubling provisions, including one that extends an unlimited line of credit from the U.S. Treasury to the Government Sponsored Enterprises (GSEs) Freddie Mac and Fannie Mae in an effort to reinstall confidence in them, and another provision that creates a permanent Affordable Housing Trust Fund which takes funding away from them.
“At a time when Fannie Mae and Freddie Mac are having financial difficulties, why are we diverting their funds to finance this Affordable Housing Trust Fund?” asked Lucas. “If we truly believe that these companies are in need of a bailout from the federal government, we should not be siphoning money from them to fund yet another unnecessary housing program.”
Lucas said the current bill contains several troubling provisions, including one that extends an unlimited line of credit from the U.S. Treasury to the Government Sponsored Enterprises (GSEs) Freddie Mac and Fannie Mae in an effort to reinstall confidence in them, and another provision that creates a permanent Affordable Housing Trust Fund which takes funding away from them.
“At a time when Fannie Mae and Freddie Mac are having financial difficulties, why are we diverting their funds to finance this Affordable Housing Trust Fund?” asked Lucas. “If we truly believe that these companies are in need of a bailout from the federal government, we should not be siphoning money from them to fund yet another unnecessary housing program.”
Labels: Foreclosure Prevention Act, Frank Lucas
posted by Mike McCarville @ 5:41 PM
<< Home