Issue Position: Housing

Issue Position

Following years of rising home prices, the housing market experienced significant downturn in 2007 and 2008. Many borrowers have found it difficult to sustain their mortgage payments forcing them into foreclosure or short sales. California has been especially hard hit.

While many actors contributed to the housing crisis, I have opposed efforts in Washington that seek to shift the responsibility for losses to other taxpayers. Taxpayers should not be forced to pay for those losses through government bailouts or borrowing that will be paid back by our children and grandchildren.

Instead, Congress should work to ensure credit is available for qualifying homebuyers to purchase and invest in homes at interest rates that remain historically low.

Further, Congress, the Federal Reserve, and Fannie Mae and Freddie Mac should examine regulatory decisions that may have fueled the housing bubble. Finally, those who violated the law in the housing and financial industries should be held accountable by the Department of Justice.

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