Congressional authorization of a tax payer funded buy-out of home mortgage giants Fannie Mae and Freddie Mac was completed last week.   NC 11th District Representative Heath Shuler joined a majority of his Democrat colleagues in supporting HR 3221 - a move many believe was necessary to forestall a melt-down of a government system that supports half of the home loans in America.

Shuler's Republican opponent in the 11th District race, Carl Mumpower, called the bill the financial equivalent of a "crippling assault" on the young people of America.  "Every person under 40 should be alarmed by this exercise in individual, corporate, and foreign investor welfare," said Mumpower.  "Although these programs were created by government, federal backing was never part of the investor risk equation.  Instead of letting the accountabilities of the free market work as intended, this legislation bails out investors and homeowners with the hard won dollars of families and young people who already have to work two jobs to pay the rent."

The federal government's involvement in the housing market is cited by some as a major force in the housing bubble and inflationary pressures that are producing credit problems affecting lending institutions. "The Fed's printing press, deficit spending, and other examples of government excess have helped destabilize our economy and now these folks want to use the same hammer to fix the problem," said Mumpower.  "We are bailing out overextended home owners with debt quietly being unloaded on our children and grandchildren by self-serving baby boomers.  That is terrible public policy and adds to a pattern of irresponsibility that makes us the first American generation to rob the opportunities of our own children."

Carl Mumpower
11th District Republican Congressional Candidate
http://www.mumpower08.com/

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