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Press Release

    Key Vote "No" on Mortgage Bailout Amendment

    04/03/2008

    On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on Senator Dick Durbin’s amendment to the housing bill.  The bursting housing bubble and subsequent increase in subprime mortgage defaults are a concern in Congress. Unfortunately, current legislation under consideration involves significant new federal involvement in lending and housing markets. A bailout that rewards speculative or high-risk decision-making and punishes responsible decision-making is not warranted.
     
    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. The Durbin amendment goes even further, allowing judges to alter the terms of a mortgage contract in bankruptcy, potentially raising the cost of mortgages for all future borrowers.
     
    We will count your vote on this amendment 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.

    Sincerely,

    Matt Kibbe
    President and CEO
    FreedomWorks.org