Doherty: McCaul Failed American Homeowners

Democratic challenger vows to fight on behalf of working families

(Austin) - Larry Joe Doherty, Democratic nominee for U.S. Congress in Texas' 10th District, Thursday called his Republican opponent's upcoming housing outreach event a political stunt and another example of the failed leadership of Washington double-speak. Doherty noted that just last month Republican incumbent Michael McCaul voted to deny assistance to over 400,000 families facing home foreclosure across our nation, and has a long record showing him to be out of touch with the economic struggles of working families. McCaul has flip-flopped from his Washington record by hosting "housing outreach events" in Elgin and Katy Saturday, August 23rd.

"McCaul has been out to lunch with the special interests in Washington, instead of demonstrating real leadership by supporting working families during this economic crisis," said Doherty. "Instead of real solutions for our economy, McCaul offers yet another political stunt to try and cover up his record of support for predatory lenders. It's time for an independent voice in Washington who will fight to ease the burden on homeowners and hold the mortgage industry accountable."

On July 23, McCaul voted against a comprehensive response to the American mortgage crisis. Nonetheless, the bipartisan measure passed and was signed into law on July 30 [HR 3221, Vote# 519, 7/23/2008]. The American Housing Rescue & Foreclosure Prevention Act will help Texas families facing foreclosure to keep their homes, help other families avoid foreclosures in the future, and promote the recovery of communities harmed by empty homes caught in the foreclosure process - at no cost to the American taxpayer. To shore up the housing market and ensure the availability of affordable home loans, the bill would put a tough, independent new regulator in charge of housing Government Sponsored Enterprises (Fannie Mae, Freddie Mac, and the Federal Home Loan Banks).

"Michael McCaul has gone up to Washington and turned his back on struggling Texas families," said Doherty. "Now he's back in Texas trying to get re-elected. I've spent my entire career holding powerful people accountable, and it's time for Texas families to have a government that is accountable to them, instead of to the special interests."

McCaul's record in Congress shows he has consistently voted against legislation that would significantly benefit Texas' working families:

McCaul voted against the National Affordable Housing Trust Fund Act of 2007

The National Affordable Housing Trust Fund Act of 2007- The bill would provide between $800 million and $1 billion to be used to build, protect, and rehabilitate affordable rental properties, and it would also aid first-time homebuyers with their down payments and closing costs.  This bill is aimed to help those families that are most in need.  Bill passed 264-148 [HR 2895, Vote# 958, 10/10/2007].

McCaul voted against the Mortgage Reform and Anti-Predatory Lending Act of 2007

Mortgage Reform and Anti-Predatory Lending Act of 2007- This bill would regulate the sub prime mortgage industry.  It will improve consumer mortgage practices and provide accountability for such practices. Bill passed 291-127 [HR 3915, Vote# 1118, 11/15/2007].

McCaul voted against the Neighborhood Stabilization act of 2008

The Neighborhood Stabilization Act of 2008- It provides $15 billion in loans and grants to acquire vacant and foreclosed homes for the purpose of purchasing and rehabilitating these homes, which currently lower the value of surrounding homes [HR 5818, Vote# 299, 5/8/2008].

Problems in the subprime mortgage markets have helped push the housing market into its worst slump in 16 years. As many as 2 million Americans will see their mortgage rates increase in the next two years, with many of them losing their homes as a result of unregulated lending practices. Home foreclosures have shot up to an all-time high. As a result of the overall housing slump, tens of millions of homeowners could see the value of their home-their primary investment-drop in value.

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