Taxpayer Group Launches Campaign Against Loan Bailouts
FreedomWorks, a nonprofit that advocates for the rights of taxpayers, continues its protest of both a Senate and House Bill that propose an additional $300 billion in funding to help distressed borrowers.
FreedomWorks this week announced the launch of a print and radio ad campaign in Kentucky, which includes a request asking U.S. Senator Mitch McConnell (R-Kentucky) to take a lead in stopping the movement of the Senate’s version of the foreclosure prevention bill.
“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,” FreedomWorks said.
FreedomWorks argues on its Web site that the average home in Kentucky is priced at $110,000, yet taxpayers in the Southern State will be among millions of Americans paying to fund loans for distressed borrowers that are priced up to $500,000. The organization also alleges that most of the crisis is confined to states where risky lending and borrowing fueled the mortgage crisis.
To date, more than 54,000 Americans have signed a petition on a FreedomWorks sponsored Web site opposing the bailout.