McHenry Helps the Predatory Lending Industry Kick Out Families

Daniel Johnson, candidate for North Carolina's 10th Congressional District, rebuked Congressman Patrick McHenry's vote against a comprehensive, bipartisan response to the current mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act (HR 3221) passed with support from Republicans and Democrats alike.

"While the subprime crisis arose due to the actions of irresponsible lenders and irresponsible borrowers, failure to act to stabilize the housing market affects all homeowners and drags down the entire economy," said Johnson.

McHenry, who has accepted campaign contributions from predatory lenders like Countrywide, voted against tightening mortgage disclosure requirements to make mortgage loan terms more understandable to aspiring homeowners.

"For most Western North Carolina families their most important asset is their home," said Johnson, "We need a leader in Washington who represents homeowners, not subprime lenders."

Congressman McHenry voted against providing families using the standard deduction an additional $1,000 deduction for property taxes, which would grant 30 million taxpayers approximately $15 billion in tax benefits.

The legislation that McHenry opposed also encourages homeownership among our nation's veterans by increasing the VA home loan limit and by allowing military personnel returning from deployment three to nine months before a lender can begin foreclosure proceedings.

Congressman McHenry, who sits on the Financial Services committee, was in position to take action before problems in the mortgage industry rose to a crisis level. His failure to fulfill his duties both before and after this crisis arose has damaged the pocketbooks of all American families.