WASHINGTON – House Republican Conference Chairman and Financial Services Committee Vice Chairman Jeb Hensarling (R-Texas) issued the following statement today regarding the Obama Administration’s new federal housing plan.
“The president’s policies are making things worse and this one offers no hope for change. One need look no further than Fannie Mae and Freddie Mac, the financial Frankensteins that have cost taxpayers nearly $200 billion, to see that government distortions in the housing market are the problem, not the solution.
“Because the president clearly cannot run on his failed record, he has regrettably turned to the politics of envy and division. There is nothing ‘fair’ about using the federal government to manipulate the housing market. This plan does nothing to address the foreclosure tide, nothing to encourage more responsible lending, and everything to transfer credit and default risk from the private sector to taxpayers.
“Even President Obama himself has acknowledged that his multiple housing programs have been failures. Forget doubling down – he’s now quintupling down on his failed housing initiatives with yet another pricey program that could cost up to $10 billion.
“Rather than wasting time finding new ways to tax, spend, and subsidize more, it’s time for the administration to recognize their policies have failed, the economy is worse, and it’s time to change course. The best mortgage program is a job, and the president and Senate Democrats could act now to take up the 27 bipartisan jobs bills passed under the House Republican Plan for America’s Job Creators still awaiting their support.”