TIBERI'S FLIP FLOP ON HOUSING BILL
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| Also listed in: Interfaith Peace Coalition | Licking County Pro-Active Citizens (www.licopac.org) | Ohio 12th Congressional District |
(From the Robinson for Congress campaign)
July 24, 2008
ROBINSON CALLS OUT TIBERI ON FLIP FLOP VOTE AND OUT-OF-TOUCH RECORD
Columbus, Ohio: "Pat Tiberi needs to stop flip-flopping on the housing crisis," 12th District Congressional Candidate David Robinson said today.
"While I'm glad to see Tiberi finally support a strong federal intervention in the crisis, it's not clear why the congressman had to wait months for permission to do so from the White House," said Robinson. "Ohio's home foreclosure rate ranks ninth highest in the nation, and this market failure has subjected families across the state and in the 12th district to great frustration and despair."
The American Housing Rescue and Foreclosure Prevention Act. (HR 3221) passed the U.S. House 272-152 on Tuesday, moving the measure to the Senate.
Tiberi voted YES this week, although he voted NO on many of the same provisions two months ago, just when the housing crisis was building to a boil.
The congressman's change of heart came only after President Bush this week made a sharp policy U-turn on the rescue bill, signaling approval, even though he has previously opposed the legislation and threatened a veto.
House Democrats have been working for a year on the mortgage reform plan but up until this week couldn't get Bush and House Republicans on board.
Two short months ago, for example, Tiberi voted:
· NO on the Neighborhood Stabilization Act of 2008 which would have provided $15 billion to states and municipalities for the purchase and rehabilitation of foreclosed homes.
· NO on an earlier version of HR 3221 which, among other things, would have authored the Federal Housing Administration to help refinance as much as $300 billion of subprime loans.
In fact, Tiberi's major contribution to the housing debate was a proposed amendment in April to HR 5720, the Housing Assistance Act of 2008, which would have allowed homeowners facing foreclosure to withdraw without penalty up to $50,000 from their IRA account.
"This commonsense measure," Tiberi said in a press release last April, "would help homeowners help themselves when they find themselves in mortgage trouble."
Common sense, however, should have clued Tiberi that few if any homeowners facing foreclosure have $50,000 tucked away in an IRA account.
"Tiberi's amendment was an echo of Marie Antoinette's famous 'let them eat cake' retort to starving Parisians," said Robinson, "and demonstrated that the congressman after eight years in Congress is sadly out of touch with the problems of average Ohioans.".
What Congress does need to do, said Robinson, is:
· Stop demonizing struggling homeowners and provide money to help them refinance subprime loans inflicted on them by predatory and irresponsible lenders.
· Support special mortgage provisions for military personnel returning from service abroad.
· Increase financial counseling for families at risk of foreclosure.
· Provide funding for state and local governments for the rehabilitation and resale of abandoned and foreclosed homes.
· Strengthen regulation of the mortgage industry and increase disclosure requirements so borrowers will be fully aware of the terms of their loan.
www.robinson2008.com
July 24, 2008
ROBINSON CALLS OUT TIBERI ON FLIP FLOP VOTE AND OUT-OF-TOUCH RECORD
Columbus, Ohio: "Pat Tiberi needs to stop flip-flopping on the housing crisis," 12th District Congressional Candidate David Robinson said today.
"While I'm glad to see Tiberi finally support a strong federal intervention in the crisis, it's not clear why the congressman had to wait months for permission to do so from the White House," said Robinson. "Ohio's home foreclosure rate ranks ninth highest in the nation, and this market failure has subjected families across the state and in the 12th district to great frustration and despair."
The American Housing Rescue and Foreclosure Prevention Act. (HR 3221) passed the U.S. House 272-152 on Tuesday, moving the measure to the Senate.
Tiberi voted YES this week, although he voted NO on many of the same provisions two months ago, just when the housing crisis was building to a boil.
The congressman's change of heart came only after President Bush this week made a sharp policy U-turn on the rescue bill, signaling approval, even though he has previously opposed the legislation and threatened a veto.
House Democrats have been working for a year on the mortgage reform plan but up until this week couldn't get Bush and House Republicans on board.
Two short months ago, for example, Tiberi voted:
· NO on the Neighborhood Stabilization Act of 2008 which would have provided $15 billion to states and municipalities for the purchase and rehabilitation of foreclosed homes.
· NO on an earlier version of HR 3221 which, among other things, would have authored the Federal Housing Administration to help refinance as much as $300 billion of subprime loans.
In fact, Tiberi's major contribution to the housing debate was a proposed amendment in April to HR 5720, the Housing Assistance Act of 2008, which would have allowed homeowners facing foreclosure to withdraw without penalty up to $50,000 from their IRA account.
"This commonsense measure," Tiberi said in a press release last April, "would help homeowners help themselves when they find themselves in mortgage trouble."
Common sense, however, should have clued Tiberi that few if any homeowners facing foreclosure have $50,000 tucked away in an IRA account.
"Tiberi's amendment was an echo of Marie Antoinette's famous 'let them eat cake' retort to starving Parisians," said Robinson, "and demonstrated that the congressman after eight years in Congress is sadly out of touch with the problems of average Ohioans.".
What Congress does need to do, said Robinson, is:
· Stop demonizing struggling homeowners and provide money to help them refinance subprime loans inflicted on them by predatory and irresponsible lenders.
· Support special mortgage provisions for military personnel returning from service abroad.
· Increase financial counseling for families at risk of foreclosure.
· Provide funding for state and local governments for the rehabilitation and resale of abandoned and foreclosed homes.
· Strengthen regulation of the mortgage industry and increase disclosure requirements so borrowers will be fully aware of the terms of their loan.
www.robinson2008.com
