Congressman Canseco's Statement on President Obama's Latest Housing Proposal

Feb 2, 2012


Washington, DC – Congressman Francisco “Quico” Canseco (TX-23), a member of the House Financial Services Committee, issued the following statement in reaction to the most recent housing program proposed by President Obama:
“In yet another election year maneuver, President Obama has once again volunteered taxpayers to foot the bill for another flawed housing program. Never mind the others that he has proposed have had, at best, very little success. Today the federal government already assumes the risk for over 90% of new mortgages, and this new program would merely double down on failed policies of the past. But even if you believe that President Obama’s latest proposed program will have more success than the others, by proposing that the Federal Housing Administration (FHA) assume the risk for the latest program, the President has added insult to injury by further increasing the risk profile of an agency already on the verge of a taxpayer bailout. 
The ongoing troubles in the housing market are purely a function of the Obama economy. If Americans don’t have a job, they don’t pay their mortgage – and if they don’t pay their mortgage, they are foreclosed upon and the housing market continues its downward slide. The only way to boost the housing market is through jobs, which is why the House of Representatives has passed bill after bill that would help create them, only to see them go nowhere in the Harry Reid-led Senate. 
What President Obama doesn’t seem to understand is no amount of taxpayer money can solve the problems facing those struggling homeowners that he is claiming this program would help. The only solution is to get the economy turned around and creating jobs again, giving paychecks to those whom President Obama wants to hand a taxpayer check to,” Congressman Canseco concluded.
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