Key Vote “No” H.R. 5830: The FHA Housing Stabilization and Homeownership Retention Act of 2008

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the H.R. 5830: the FHA Housing Stabilization and Homeownership Retention Act of 2008.  The bill proposes expand the government’s role in the housing sector, creating a potential new taxpayer liability of $300 billion.

In fact, this bill provides a taxpayer funded bailout that creates a moral hazard, encouraging future bad invests as lenders and borrowers are shielded from the consequence of their actions and the risks they willingly chose to take.

The proposed legislation amounts to an enormous regional redistribution of wealth that would expose taxpayers nationwide to new liabilities in order to bailout homeowners and lenders in a handful of states.  It also rewards those who made imprudent decisions at the expense of those who have been living within their means, making responsible fiscal choices.

The vast majority of American homeowners are paying their mortgages on time and both borrowers and lenders are adjusting their behavior to a more realistic housing market.  This bill expands the FHA without addressing the underlying problems in the housing sector.

We will count your vote on H.R. 5830 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