HOUSE Key Vote Alert - Housing Amendment
Update: House Vote 301 on the amendment.KEY VOTE ALERT
"NO" on Frank Amendment to the New Direction for Energy Independence, National Security and Consumer Protection Act (H.R. 3221)
The Club for Growth urges all House members to vote "NO" on the Frank amendment to the New Direction for Energy Independence, National Security and Consumer Protection Act (H.R. 3221). This key vote will be part of our 2008 Congressional Scorecard.
Part of this proposal would give the Federal Housing Administration (FHA) the power to guarantee refinanced mortgages up to $300 billion.
This amendment would be disastrous to taxpayers if it became law. It would create the moral hazard environment of people purposely defaulting so that they can become eligible for a FHA-backed mortgage. And since a person can't be denied coverage because of a low credit score, taxpayers could be on the hook for billions of dollars in defaulted mortgages. This could ultimately lead to higher taxes that would only worsen the housing situation even more. In its explicit veto threat, the White House correctly identified this amendment as a bailout, calling it irresponsible. This amendment should be vigorously opposed.
Our Congressional Scorecard for the 110th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.
