Culberson Calls Housing Bill Irresponsible

Statement

Culberson Calls Housing Bill Irresponsible

Today I voted against the Democrats' irresponsible housing legislation because it rewards bad behavior and gives judges the power to control the housing market.

This cram down legislation allows a judge to rewrite the amount of principal owed on a mortgage -- arbitrarily setting the price. One single judge now has the authority to allow someone who purchased a home they could not afford stay in that home without having to pay the price they agreed to when they bought it. This counterproductive bill will incentivize bankruptcy, raise interest rates and increase the cost of buying a home.

This irresponsible legislation will only add more uncertainty into the housing market. The Democrat-led Congress has already spent billions of dollars propping up the housing sector and this bill ensures that American taxpayers will have to spend billions more down the road.

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