Congressman Bill Sali (R-ID) voted against legislation providing a $300 billion housing bailout for those unable or unwilling to make their mortgage payments yesterday. 

"Idahoans' hard earned money shouldn't be used to pay for the bad judgment of those financially unprepared to take on the responsibility of home ownership," Sali said. 

The House of Representatives passed the measures, the Neighborhood Stabilization Act of 2008 and the American Housing Rescue and Foreclosure Prevention Act of 2008, along party lines.

Both bills force the majority of responsible taxpayers to pay up more than $300 billion for loan guarantees and grants to some high-risk borrowers who took on mortgage obligations beyond their reach.  The bills raise taxes and increase the size of existing government bureaucracy to administrate the funds.

"This legislation does little to strengthen the housing market, punishing taxpayers who have responsibly and diligently paid their mortgages, many despite their own economic challenges. Once again, the Democrats have proposed a solution that involves higher taxes, bigger government and lays the foundation for an even worse housing crisis in the future," said Sali.

Sali voted for a Republican alternative which included provisions that would prevent convicted drug dealers and sex offenders from benefiting from the loans or grant funds in the Neighborhood Stabilization Act.  In addition, it requires that any state or locality receiving loan or grant funds under this bill include in its plan for allocating the funds priority to providing housing for veterans, teachers, local law enforcement officers, local fire fighters, local first responders, and other municipal employees. Unfortunately the Republican alternative failed to pass.

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