|
Wednesday, March 4, 2009 7:08 PM EST
Fellow Dems find Massa’s vote is not automatic
By Rick Miller
Olean Times Herald
U.S. Rep. Eric Massa said Tuesday he won’t vote with other Democrats for the Housing Bill, designed to give mortgage relief to 9 million American homeowners, in part because so few in his district can expect to receive aid.
There was widespread dissatisfaction with the bill that would allow bankruptcy court to reduce mortgage payments without bank approval, and provided nothing for homeowners who didn’t get in over their head in their mortgages.
“I cannot support (the Housing Bill) and I will not support it,” the freshman congressman said. “For a relatively large amount of money, there appears to be a small percentage of homeowners who would get mortgage relief.”
The Corning Democrat said the Center for Responsible Lending projected 6,067 foreclosures in the eight-county 29th Congressional District over the next several years, but only 883 of those homeowners would likely get any aid in the Housing Bill proposed by President Obama and backed by the House Democratic leadership.
In a telephone press conference with reporters from the 29th District, Rep. Massa said he was disappointed the money to help homeowners facing foreclosure wasn’t coming from the banks’ bailout funding.
“I am not going to support any more bank bailouts,” he declared. “Let’s see if we can’t craft something that is more acceptable.”
Rep. Massa said the bailout money to banks was intended to get them lending money again. Mortgage lenders oppose the Housing Bill because it would force them to renegotiate the mortgages of homeowners who qualify. He’s seeking to expand the number of people who will benefit.
Banks and other mortgage lender should favor secure mortgages at 4 percent instead of foreclosed mortgages at 6 percent, Rep. Massa said.
By declaring he intended to vote against the Housing Bill, the Democrat said, “I am not married to the Democratic leadership. I do not vote in lockstep with my party.”
The $700 billion bank bailout “seems to have landed in the bonus checks of (bank) executives,” Rep. Massa said, unsure if the remaining funds “will get to the consumers and the people who need help.”
Rep. Massa said without the economic stimulus and other financial assistance like the bank bailout, the economy would find itself digging out of a much deeper hole with unemployment percentages in the low to mid-teens. He thinks the federal help may keep the rate from climbing far above 10 percent.
The congressman said he is looking for a more stable economy within 18 to 24 months.
(Contact reporter Rick Miller at rmiller@oleantimesherald.com)
 printer friendly version
 e-mail this story
Reader Comments
There are No comments posted. comments to this story.
The following are comments from the readers. In no way do they represent the view of bradfordera.com.
Submit a Comment
We encourage your feedback and dialog, all comments will be reviewed by our Web staff before appearing on the Web site.
|
