Washington, DC – Rep. Tom Price (GA-06-R) issued the following statement regarding the Senate housing bailout package offered by Senator Christopher Dodd. Rep. Price, a member of the House Financial Services Committee, supports more responsible proposals.

“Creative funding schemes cannot change the fact that this bailout punishes responsible homeowners while rewarding insatiable banks and imprudent borrowers,” said Rep. Price. “Funding this $300 billion dollar bailout through the earnings of Freddie Mac and Fannie Mae simply amounts to a mortgage tax on millions of middle-class homeowners.

“The included regulatory reform of Government Sponsored Enterprises is a needed improvement but there is no reason it must come at the cost of an historic bailout. Now as much as ever, we must respect the wallets of hard-working Americans. Indirectly taxing responsible homeowners to reward the reckless behavior of others serves only to encourage future imprudent borrowing.

“We already know homeowners and lenders can come together to preserve mortgages without punishing responsible Americans. I call on my colleagues to stand on principle to defend the hard-earned income of American homeowners and support positive, proven solutions.”