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On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE NO on S. 2636. This legislation includes a provision dealing with bankruptcy that would allow courts broad authority to rewrite mortgage contracts. This would set a dangerous precedent, greatly weakening the concept of a contract and its value for all parties involved. The bill also seeks more direct federal spending, calling for taxpayers nationwide to cover the costs for those regions of the nation where housing markets were overbuilt.
Advocates for S. 2636 seek to provide relief to individuals who secured loans that they can no longer afford to pay. However, “feel good” politics aside, this legislation will create greater risk and uncertainty for the mortgage industry which would ultimately hurt consumers who have long benefited from the relative low cost and free flow of home mortgage credit.
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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