Wrong for Pennsylvania

Message of the Week

It was bad enough when he voted to bail out Wall Street banks and car companies with our tax dollars.

With Sestak, it’s much worse.

Congressman Sestak wrote a bill that forces hard working Pennsylvania families to pay for a portion of other people’s home mortgages.

You work hard to pay your own mortgage. Sestak wants you to work harder so you can help pay other people’s mortgages.

Sestak is so liberal, not one other Member of Congress has supported his mortgage bailout bill.

_______________________________

Sestak Authored Taxpayer-Funded Mortgage Bailout Legislation In Which Taxpayers Would Subsidize Other Peoples Mortgages.

Sestak Introduced H.R. 1356, The Home Ownership Vesting Plan Act Of 2009, Which Is A Bailout For Homeowners Whose Houses Are Worth Less Than The Amount They Still Owe On Their Mortgage. (H.R. 1356, Introduced 3/5/09)

H.R. 1356 Currently Has No Cosponsors. (H.R. 1356, Introduced 3/5/09)

“Sestak’s Homeownership Vesting Plan Act (H.R. 1356) Would Allow Borrowers Whose Loans Are Worth More Than The Current Depressed Value Of Their Houses To Get A New Federal Housing Administration Mortgage At A Little Below The Appraisal Value.” (Joseph N. DiStefano, “Renewed Interest In Stemming Foreclosures,” The Philadelphia Inquirer, 10/16/09)

Zandi Said The Estimated Cost To Taxpayers Is $50 Billion. “The government would pay the original lender the difference between the old and new loans over the next five years, so long as the homeowners make their new payments. Zandi told me this would cost taxpayers about $50 billion.” (Joseph N. DiStefano, “Renewed Interest In Stemming Foreclosures,” The Philadelphia Inquirer, 10/16/09)

Sestak Voted For TARP - The Wall Street Bailout. (H.R. 1424, CQ Vote #681: Agreed To 263-171: R 91-108; D 172-63, 10/3/08, Sestak Voted Yea)

Sestak Voted Against Denying The Further Release Of TARP Funds. (H. J. Res. 3, CQ Vote #27: Passed 270-155: R 171-4; D 99-151, 1/22/09, Sestak Voted Nay)

Sestak Voted For A $14 Billion Bailout Of The Auto Industry. (H.R. 7321, CQ Vote #690: Passed 237-170: R 32-150; D 205-20, 12/10/08, Sestak Voted Yea)

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