Mahoney Supports Legislation - President Wants To Veto
LABELLE, FL. -- Congressman Tim Mahnoney this week co-sponsored what he calls "several pieces of fiscally responsible legislation" including the American Housing Rescue and Foreclosure Prevention Act of 2008, which passed the House of Representatives. The legislation will now move to the Senate. President Bush has threatened to veto the House package.
"For anyone who calls this a bailout, I would invite them to come to my district and meet some of the thousands of families who are in foreclosure. They are firefighters and teachers who had no other options besides the sub prime mortgage market to realize the dream of homeownership," said Congressman Mahoney. "The legislation that I co-sponsored and that we approved today is fiscally responsible, supported by the Federal Reserve Chairman Bernanke, and will help us get our economy back on track. I urge the President to do the right thing and work with the Congress to get this legislation passed."
Congressman Mahoney spoke on the floor to support the legislation. Click to view Congressman Mahoney�s Speech (high speed internet suggested)
See Congressman Mahoney�s Speech
The Pew Center on the States estimates that 1 in 26 Florida homeowners will face foreclosure in the coming years as a result of sub-prime mortgages and Florida is 1 of 6 states expected to experience the highest rates of foreclosures over the next two years.
Click here for more information on the Foreclosure Crisis in Florida
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