Congressman Dent rejects bailout and “blank check” for government-sponsored mortgage enterprises
WASHINGTON, D.C., June 12, 2008 (RealEstateRama) – U.S. Rep. Charlie Dent today voted against bail out legislation that would have given Fannie Mae and Freddie Mac, two government-sponsored enterprises responsible for buying and selling mortgages, a blank check to relieve their financial difficulties.
“This bill is bad public policy because it is fiscally dangerous,” noted Congressman Dent. “It forces us to increase our debt limit so that the taxpayer can bail out Fannie Mae and Freddie Mac, two large government-backed agencies with executives who are making, in some cases, salaries in the millions of dollars.
“Families and homeowners in the 15th District are persevering through their daily routines despite our weakened economy, struggling to pay their mortgages and rents,” the Congressman continued. “If we are going to extend an open ended line of credit to these agencies, there needs to be some wholesale reform and housecleaning within the top ranks of these organizations.”
The Congressman further noted that he voted for measures to create an affordable housing Trust fund to provide increased rental and homeownership opportunities for low income families, and that he has, in the past, supported FHA legislation to help assist eligible homeowners caught up in the mortgage crisis with refinancing through the Federal Housing Administration.
Contact: Gregg W. Bortz at 610-861-9734 or 202-222-5118
