Minnick frustrated by Sali’s vote against Idaho homeowners

News Release

By Walt Minnick Campaign - March 29, 2008

Walt Minnick today defended Idaho homeowners from an attack by Idaho Congressman
Bill Sali.

“Many Idaho families are worried about hanging onto their homes thanks in part to a handful of unscrupulous lenders,” said Minnick, a candidate for Congress in Idaho’s First District. “But Bill Sali, against all logic, voted against a bipartisan bill to prevent such predatory lending.”

As news reports have made clear, more and more homeowners are falling behind in their mortgages and struggling to pay their bills.

“Sali has been asleep at the wheel for 15 months,” Minnick said. “While he’s spent time grandstanding and bickering, Idaho’s homeowners have suffered. And when he had the opportunity to make it right, he voted wrong.”

Background
- The national sub-prime mortgage crisis is taking a toll on America’s housing market. According to the S&P Case/Shiller Home Price Index of 20 key housing markets, home prices have fallen 10.7 % in 12 months, ending in January 2008. This marks the lowest level since the index was started in 2000. [CNN; March 25, 2008]
- Last month, the Mortgage Bankers Association released their quarterly report showing foreclosures have reached an all-time high and more homeowners fell behind on their monthly payments. [http://www.mortgagebankers.org]
- Despite the continued devastation to America’s housing market, Representative Bill Sali opposed:
o The Mortgage Reform and Anti-Predatory Lending Act (HR 3915), which restores the integrity of the mortgage lending industry by ensuring that lenders follow sound principles when issuing loans to consumers and prohibiting predatory lending.
o HCon Res 312, which establishes the budget for the government of the United States for Fiscal Year 2009. The budget creates a reserve fund for affordable housing, which would be paid for through proposed reforms to Fannie Mae and Freddie Mac.