House Republicans Propose The "Responsible Homeowners Act"
Republican Plan focused on working families, responsible homeowners, stabilizing housing market
Today, House Republican Whip Eric Cantor (R-VA), Republican Conference Chairman Mike Pence (R-IN) and Members of the House Republican Economic Working Group proposed the "Responsible Homeowners Act" legislation designed to revitalize America's housing market. At a press conference to announce the new proposal, Republican Whip Cantor made the following remarks:
"We're here today as members of the House Republican Economic Recovery Working group to present a plan that belongs to a series of proposals that Republicans in the House continue to rollout to provide a constructive addition to the debate as to how we take this country forward and how we address the economic woes facing America's families. In response to the Administration and the President himself who continues to say that Republicans don't have any ideas, we're here today to say, 'Yes we do.' And this is one in a series. This will not be the last. We are committed to trying to pull the agenda back to the mainstream and to respond to the problems facing America's families today.
"Obviously many, many families across this country are struggling to pay their mortgage. They are struggling to get through every month with the bills that are stacking up. And what they see right now are policies that have come out of the Administration that, frankly, don't make a lot of sense. Because the notion in this country is: You work hard, you play by the rules and you can get a reward. And what has come out from the Administration in the housing area doesn't quite jive with that sense of the American spirit. Instead, what we have seen are proposals which call upon the 90-percent of Americans who are paying their mortgage, playing by the rules, calling on them to subsidize those that don't.
"So the plan we have unveiled today responds to that notion and speaks to all Americans and tries to address the severe problem with the excess in home inventories. And we see this housing fix as a central element in addressing the bank failures and the capital markets' failures. If we are to address that, we must first address the housing situation."