WASHINGTON, D.C. – U.S. Senator Jim Inhofe (R-Okla.) today made the following statement on final passage of the Senate Housing Bill.
“I am encouraged by a number of provisions in this bill, including a $7,000 tax credit for buyers of foreclosed homes and special protections for soldiers returning from overseas deployments. I’m also pleased there is no bailout for speculators who tried to profit off the current housing situation, something I strongly oppose.
“Unfortunately, in spite of these positive provisions, this bill contains an unacceptable and inappropriate $4 billion bailout for banks. I could not in good conscience vote in favor of legislation that forces Oklahomans to foot the bill for bad lending decisions made by banks in other states. It is my hope that the conference report maintains this bill’s positive provisions without the fiscally irresponsible $4 billion bank bailout.
“Though recent reports indicate foreclosure rates in Oklahoma may be on the rise, our state’s foreclosure rates remain below the national average. When the Senate began considering housing legislation, I had hoped this could be an opportunity for Congress to help begin stabilizing the housing markets, rather than merely an opportunity to score political points in an election year. This is no time for indiscriminate federal bailouts.”