Hagel Statement on Vote Against Senate Housing Stimulus Package
U.S. Senator Chuck Hagel issued the following statement today after voting against the passed United States Senate housing stimulus package:
"This housing stimulus package will not correct the fact that in the last few years we have overbuilt, overmortgaged, overleveraged and abused credit. This legislation bails out housing speculators at the expense of those who played by the rules. While it is critical for our nation's families and economy to have a strong housing market, we must also realize that the market is in a period of self-correction after years of excess and we have some responsibility to the American taxpayer and the long term stability of the housing market.
"This legislation drives America deeper into debt that future generations will have to pay. We should instead work on passing legislation that focuses on bringing transparency and disclosure to the home-buying process so that the borrower is better informed of the terms of their mortgage loan before entering into it and the lender is more accountable with disclosure requirements. The Federal Reserve has lowered interest rates which will help enable more affordable refinancing in the housing industry and HOPE Now Alliance has already helped over 1.2 million borrowers refinance their loans with lenders."