|12:41 PM EDT||
Wally Herger, R-CA 2nd
Mr. HERGER. Mr. Speaker, I'm troubled by the housing catch-all bill before the House of Representatives today from a commonsense, pro-American taxpayer position.
The bill would enable the already troubled FHA to take on an additional $300 million in distressed mortgage liabilities, loans that have a good chance of going into default. This effectively transfers risk from those holding bad loans to those taxpayers who made prudent decisions in the first place.
More than nine out of 10 mortgage holders make payments on time. They would now be on the hook for the bad mortgage debt, as will renters saving for a first-time home and those who own their own homes outright. This bill sends the signal that there are no real consequences for poor lending or borrowing practices, and encourages more of the same behavior that led us here in the first place.
Further, to offset some of the tax giveaways in the bill, the Democrat majority proposes billions of dollars in what amounts to a retroactive tax increase on American employers with operations in foreign markets. What our economy really needs is tax policies that foster greater, not less, competitiveness for the U.S. employers.
Finally, it is truly disappointing that the Democrat majority has chosen to bring this bill up in a lock down, unamendable manner. I urge my colleagues to reject this measure.