Randy Neugebauer: “Mr. McHENRY. Mr. Speaker, there are many good and decent people who are in financial distress right now across this…”

“Mr. McHENRY. Mr. Speaker, there are many good and decent people who are in financial distress right now across this country. Some with mortgages they can't afford. Some made poor financial decisions. Some were victims of fraud. Some were simply speculators acting on their instincts. But the reality is that most borrowers are paying on time. They are making their mortgages; 92 percent of borrowers are paying on time across this country; 6 percent are late but not yet in foreclosure, and 2 percent are actually in foreclosure. This bill is directed to the 2 percent on the backs of the 98 percent. That means that 110 million households are meeting their obligations. This legislation under consideration today would require that those 110 million families bail out the lenders on Wall Street. And I will tell you it's simply a case of robbing Peter to pay Paul. We are sending the message to financial institutions and Wall Street investors that when those investors make poor choices and take ill-advised risks that the Federal Government will step in and bail them out. That's a bad decision. In fact, this is a $300 billion taxpayer bailout that will cost the American taxpayer $5,000 for every foreclosed loan that is dumped into the program. And make no mistake about it. They will be dumped into the program.”