Fallin Statement on Housing Bill

Statement

Fallin Statement on Housing Bill

Congresswoman Mary Fallin (OK-05) released the following statement today regarding her opposition to H.R. 1106, the "Helping Families Save Their Homes Act of 2009." The bill would allow bankruptcy judges to arbitrarily reduce loan payments for individuals who defaulted on their mortgage and face foreclosure.

"I, like every American, want to help responsible families who now face hard times save their homes. Rule-abiding, hardworking home buyers do not deserve to be swept away by our unstable economy. Our challenge is to pass a bill that helps these responsible borrowers without propping up unscrupulous or irresponsible actors on the backs of those who continue to pay their bills on time. As President Obama said himself, we need a bill that does not reward ‘that neighbor down the street who bought a house he could never hope to afford.'

"Unfortunately, this bill does reward "that neighbor down the street" who made a decision to live outside his means. Meanwhile, by introducing more uncertainty into the mortgage market, it ensures that the cost of mortgages continue to rise. The end result will be the equivalent of a tax increase on all responsible home buyers for the purpose of supporting those who acted irresponsibly or dishonestly. This is not only unwise, it's unfair.

"I support policies to help the housing market and help struggling families. Today, House Republicans offered an initiative to ensure that taxpayer funds would not be used to reward or help those who made bad decisions or lied on their mortgage applications. That's the first step in creating a fair, workable and constructive policy to buoy the housing market and help struggling homeowners."

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