Inhofe at it again
Reply to: comm-636320277@craigslist.org
Date: 2008-04-09, 2:38PM CDT
Despite the deepening housing crisis, Oklahoma Senator James Inhofe voted yesterday for the second time this year to block the Foreclosure Prevention Act. Inhofe sided with special interests and a tiny faction of Senators in opposing the bill that would help struggling families keep their homes, stem falling home values, assist communities harmed by foreclosures to recover, and help families avoid foreclosures in the future. The cloture vote passed 92 to 6 by an overwhelming bipartisan majority.
"Instead of helping Oklahoma homeowners, Inhofe voted again with the special interests today," Oklahoma Democratic Party chairman Ivan Holmes said. "When an overwhelming bipartisan majority voted to help homeowners, Inhofe turned his back on his colleagues, his own party and the people of Oklahoma," Holmes added.
Oklahoma homeowners are seeing their home equity vanish before their eyes. Home prices nationally are down over 10 % from a year ago, and in the last three months have fallen at twice that rate. Ten percent of all homeowners now have mortgages for more than their homes are worth. [Wall Street Journal, 3/26/08; New York Times, 2/22/08]
"As the mortgage crisis costs Oklahoma families, Inhofe votes to do nothing..again," Holmes said. The Foreclosure Prevention Act would give homeowners property tax relief, help responsible homeowners refinance subprime mortgages, and give tax credits to buyers of homes in foreclosure to jumpstart the housing market. It would also help communities turn over foreclosed properties so that they don't sit unoccupied, attracting crime and blight and further hurting homeowners. "Inhofe earlier tried to block the Senate from even debating the merits of the bill, and now he is one of only six Senators to object to the bill," Holmes said. [Vote 93, 4/8/08; Vote 35, 2/28/08]
Without help in the next two years over 20,000 Oklahomans could lose their homes. Because each foreclosure brings the value of the neighboring homes down that means Oklahomans would lose another 427 million in the most important investments they have, their homes.
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PostingID: 636320277