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Alexander Calls for Legislation to Help Homeowners, Warns Democrats Not to Turn Mortgages Into Junk Bonds

Says Democratic Proposal Would Lead to Higher Monthly Mortgage Payments for American Families

“Their legislation raises the risk involved in mortgage lending and would lead to higher interest rates and higher monthly mortgage payments for American families, turning a homeowner’s mortgage into a junk bond.”

WASHINGTON - Senator Lamar Alexander (R-Tenn.), chairman of the Senate Republican Conference, today released the following statement urging the Senate Democratic leadership to support legislation that helps struggling homeowners without leading to higher monthly mortgage payments for millions of American families:

“Republicans have offered good proposals to stabilize the housing market and help struggling homeowners, proposals that should have bipartisan support. It’s time to bring these responsible proposals to the Senate floor, debate them, and vote. The Democratic majority continues to demand passage of legislation that would ultimately undermine property values. Their legislation raises the risk involved in mortgage lending and would lead to higher interest rates and higher monthly mortgage payments for American families, turning a homeowner’s mortgage into a junk bond. Congress should be wary of proposals like this that, however well-intentioned, have damaging consequences for millions of homeowners.”
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