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FreedomWorks’ ongoing effort to alert American taxpayers of the risky and unfair housing bailout bill now moving in the Senate expands today with a print and radio ad campaign running throughout Kentucky. The ads [LISTEN HERE] call upon Senate Minority Leader Mitch McConnell to take the lead in stopping the $300 billion bailout that rewards reckless homeowners and irresponsible mortgage lenders.
As an excerpt from the radio ad explains:
“Most Americans live within their means and pay their mortgages on time, but some people took risky mortgages, betting that the price of homes would continue to rise. That bet isn’t paying off for some, and now Congress wants to give out $300 billion in new taxpayer loans to some of the riskiest borrowers with the worst credit.”
The median home price in Kentucky is just $111,000, yet the bailout promises taxpayer loan sizes of over $500,000. The bailout bill will serve as a transfer of money and risk from Kentucky taxpayers to housing speculators in San Francisco, Las Vegas, and Miami along with their bankers on Wall Street.
In a study published today by the Mortgage Bankers Association, a full 89 percent of foreclosures are concentrated in just four states: Arizona, California, Florida and Nevada.
Over 54,000 Americans have opposed the bailout bill on the FreedomWorks petition website, www.angryrenter.com, but the key position that will matter most in the upcoming Senate vote belongs to Kentucky Senator Mitch McConnell.
FreedomWorks calls on Senator McConnell to be a leading voice against the housing bailout and to take a stand on behalf of his tax-paying constituents in Kentucky, along with renters, responsible homeowners and mortgage lenders nationwide.
FreedomWorks President Matt Kibbe commented, "Senator McConnell is one of the true defenders of the taxpayer in the Senate. We're urging him to recognize the unfair risks and rewards, both for Kentucky and for taxpayers nationwide, that are contained in the Senate housing bailout bill."
FreedomWorks ads can be seen and heard at www.freedomworks.org as well as www.angryrenter.com.