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On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the Foreclosure Prevention Act of 2008: S. 2636. The bill seeks direct federal spending, calling for taxpayers nationwide to cover the costs for those regions of the nation where housing markets were overbuilt while penalizing prudent homebuyers who chose to avoid potentially risky mortgages.
This is clearly a case where Washington can’t spend its way out of a problem. Spending billions of dollars and rewriting the rules of the game puts everyone at risk. Burdening taxpayers with the debt of the few who made imprudent decisions is not fair and will not fix the deeper fundamental problems that created the situation to begin with.
FreedomWorks believes that the market needs to be allowed to re-price mortgage loans and property values, and the government should not exacerbate the situation with policies that create moral hazard, distort prices, and push costs onto taxpayers. A natural market correction levels the playing field for everyone.
We will count your vote on S. 2636 as a KEY VOTE when calculating the FreedomWorks Economic Scorecard for 2008. The FreedomWorks Economic Scorecard is used to determine eligibility for the Jefferson Award, which recognizes members of Congress with voting records that support economic freedom.
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