Tags: Economic- Crisis | housing | mortgages | Congress

Sen. Menendez, Rep. Garrett Face Off on Mortgages

Tuesday, 01 Nov 2011 10:45 AM

By Greg McDonald

Two influential New Jersey members of Congress — one a Democrat, the other Republican ­— are engaged in a head-to-head fight over help for “underwater” mortgage holders, according to the Bergen County Record.
 
Democratic Sen. Robert Menendez and Republican Rep. Scott Garrett both head subcommittees that deal with housing finance, and their views couldn’t be any further apart — especially when it comes to dealing with the nation’s severely depressed housing market.
 
The Record reported Tuesday that Menendez is pushing for an increase in the size of mortgages that can qualify for government-backed refinancing, while Garrett is leading an effort in the House to shut down Fannie Mae and Freddie Mac.
 
Menendez has succeeded in winning Senate passage of an amendment that would raise the “conforming loan limit” maximum to $729,750 for government-backed loans to help homeowners who owe much more than their houses are worth with refinancing. Garrett’s subcommittee, meanwhile, has approved 14 bills that would dismantle Fannie and Freddie bit by bit, according to the Record.
 
Garrett has also vowed to “do everything in my power” to shut down the Menendez amendment when it reaches the House because, he says, the cost would end up being paid by the taxpayer.
 
Garrett told the Record that taxpayers are still paying for the bailout of Fannie and Freddie, which were taken over by the government in 2008, and shouldn’t have to bear the cost of underwriting expensive refinances.
 
“The hypocrisy of Senate Democrats is at an all-time high,” he said. “How can they claim the so-called ‘rich’ should be paying higher taxes and then turn around and say the American taxpayers should be on the hook for their mortgages?”

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

The 2016 'Book Race': GOP Candidates Like Ben Carson, Huckabee Sell Like Hotcakes

Friday, 30 Jan 2015 20:50 PM

If potential Republican presidential candidates' recent book sales are a strong indication of their electability, then B . . .

Smoke on Boston Train Scares Passengers Who Bust Out Windows to Escape

Friday, 30 Jan 2015 19:37 PM

A commute on Boston's Red Line Thursday morning turned into chaos as smoke filled the train and passengers broke out win . . .

Seth Jackson Sentence: Foster Dad Gets 32 Months in Hot Car Death

Friday, 30 Jan 2015 18:50 PM

Kansas foster dad Seth Jackson was sentenced to 32 months in prison Friday for the July death of a 10-month-old girl who . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved