John Campbell Votes To Bailout Fannie Mae & Freddie Mac

I got a press release from Congressman Darrell Issa explaining why he voted against bailing out Fannie Mae & Freddie Mac. Here it is in whole:

For Immediate Release Contact: Frederick Hill 202-225-3906 (office)

July 23, 2008 202-225-6473 (cell)

Issa Votes ‘No’ on $25 Billion Taxpayer Bailout of Mortgage Lenders

Washington, DC – Rep. Darrell Issa, today, made the following statement about his vote against H.R. 3221, legislation bailing out mortgage lenders:

“I strongly oppose this taxpayer-funded bailout of the mortgage industry. This bill rewards Fannie Mae, Freddie Mac, and other firms that played key roles in the housing crisis. It will be paid for on the backs of millions of American taxpayers who pay their mortgages on-time, rent their residences, and played no role in creating this financial boondoggle.

“In our free market system, when companies make risky business decisions they keep the profits when their judgment is right and they are expected to accept responsibility when they make poor business decisions. I voted no, today, because it’s wrong to have a massive taxpayer funded bailout of the lending industry that leaves stockholders fully intact and taxpayers empty-handed.

“I recognize that both Fannie Mae and Freddie Mac have become cornerstones of our housing market and also see a legitimate need to help Americans, who have played by the rules and find themselves in need of temporary assistance, keep their home. My first and foremost concern in this housing crisis is protecting a system that provides the long-term availability and affordability of mortgage loans to Americans. By bailing out lenders who made bad business decisions, we’re setting a very bad and expensive precedent that will encourage future risky lending schemes, undermine confidence in future home loans, and make credit less affordable. We can use market forces and give regulators better tools to regulate the mortgage industry without writing such a massive check.”

Nice job Con. Issa. This led me to check how our other OC reps voted. Let's see Ed Royce & Dana Rohrabacher both voted NO, Loretta voted Yes...no surprise there. John Campbell...YES. What? After all the press releases and public statements about how we must end pork and start to live within our means, he goes and votes YES on a $25 billion bailout of Fannie & Freddie? As former Cong. Jim Traficant used to say...Beam me up! This $25 billion is just jacks for openers. Some say this is going to end up costing the taxpayers over a trillion dollars! This is a major disappointment Congressman. I'd love to hear his explanation. Oh yeah and Ken Calvert also voted this ridiculous bailout.