Contact: Republican Leader Press Office, 202-225-4000

WASHINGTON, Mar. 5 /Standard Newswire/ -- CNN reports today that 64 percent of those questioned in a Quinnipiac University survey released yesterday believe that efforts in Washington to reward a small percentage of homeowners are unfair to those who pay their mortgages on time.  This afternoon, House Democrats are poised to pass legislation that will do just that.  The disingenuously-named "Helping Families Save their Homes Act" forces those who have acted responsibly to subsidize scam artists, speculators, and those who knowingly made bad decisions.  At a time when families and struggling to make ends meet during this recession, is this really the message Washington wants to send to the rest of America? 

Republicans believe there is a better way, and during today's debate, Rep. Tom Price (R-GA) will offer a motion to recommit proposal that would explicitly prohibit taxpayer assistance to any borrower that lied about their income on their mortgage application.  Quite simply, Republicans don't believe that a single dime in taxpayer funds should be used to aid those who blatantly lied to obtain a mortgage they knew they could not afford.  Do Democrats agree?  Taxpayers will find out in a matter of hours.

The GOP motion to recommit proposal also would:

• Prohibit taxpayer assistance to any lender that failed to follow proper underwriting standards; 
   
• Prohibit taxpayer funds from being used as incentives to lenders to rework loans for irresponsible borrowers; and 
   
• Prohibit taxpayer funds from being used unless the President submits a plan that provides equitable treatment of all mortgage holders. 

In recent weeks, more and more Americans have taken to the streets to participate in "taxpayer tea parties" and declare that they are fed up with Washington bailouts and policies that force them to subsidize more spending that we know we cannot afford.  The Fayetteville (NC) Observer recently described one such "tea party" in downtown Fayetteville:

"In the spirit of the Boston Tea Party, about 50 people protested the federal stimulus package and mortgage bailout in downtown Fayetteville on Friday.  One of the protestors was Russell Justice, who spent 26 years in the Army.  The 46-year-old from Southern Pines was one of several protestors who held signs along Person Street across from the Courthouse.  His said, 'Honk if I'm paying your mortgage.'"

The Republican motion to recommit proposal is being offered today with Mr. Justice, and millions of Americans who have played by the rules just like him, in mind.  Taxpayer funds should not go to assist those who lied on their mortgage applications.  Will Democrats join Republicans in supporting a proposal to ensure this does not happen?

Republican Leader Press Office

Rep. John Boehner (R-OH)

H-204, The Capitol

(202) 225-4000

http://republicanleader.house.gov/