July 24, 2008– U.S. Congressman Trent Franks (AZ-02) issued the following statement after voting yesterday to oppose H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act, a bill put forth by the Democratic Majority that would force taxpayers to fund a $300 billion bailout of scam artists and speculative lenders within the mortgage industry:

“At a time when our housing and mortgage industry is already distressed, Democrats chose to introduce legislation that only penalizes the entities that are already struggling, while providing a multi-billion dollar slush fund for scam artists and speculative lenders, and favoring left-wing political activist groups like ACORN and La Raza. 

“Congress owes hard-working American taxpayers and homeowners a better answer to our volatile housing market than a constitutionally-questionable bill that mandates substantial tax increases, corporate bailouts, and politically charged slush funds, all while adding to our already massive national debt.  In the last days before Congress adjourns for August, we should instead be considering proposals that would help struggling, honest American taxpayers keep their homes and truly help to stabilize our housing market.”