March 25th, 2009
03:00 PM ET
5 years ago

GOP leaders introduce housing plan

House Republican Whip Eric Cantor criticitized the Obama administration's plans to strengthen the housing market as Republicans debuted their own proposal.
House Republican Whip Eric Cantor criticitized the Obama administration's plans to strengthen the housing market as Republicans debuted their own proposal.

WASHINGTON (CNN) – Republicans criticized Democrats for not using "common sense" as they proposed an alternative solution to address the nation's ongoing housing crisis on Wednesday.

House Republican Whip Eric Cantor blasted the administration's plans to strengthen the housing market, saying they are pushing "policies that frankly don't make a lot of sense."

GOP leaders propose expanding tax credits for home owners and buyers while cracking down on fraud in the housing market. "We are committed to trying to pull the agenda back to mainstream," said Cantor, calling homeowner assistance central to reviving the economy.

Provisions in the new proposal, which would be affective until July 2010, include a $5,000 tax credit to help families refinance their homes, whether or not they are backed by the ailing Freddie Mac and Fannie Mae; tax incentives for mortgage lenders who help homeowners refinance these homes; and a $15,000 home buyer credit to all home buyers who can put at least 5 percent down.

Republicans also proposed working with the FBI, Department of Justice and other government housing agencies to fight fraudulent mortgage companies and borrowers.

GOP leaders were unable to provide an estimate of how much their proposed plan would cost.


Filed under: Eric Cantor • GOP • Republicans
soundoff (31 Responses)
  1. Carmon

    "GOP leaders were unable to provide an estimate of how much their proposed plan would cost."

    Yeah I bet they weren't because it just all talk no substance. They had all this time to come up with something and when they do they don't even say how much there plan will cost.

    This is a joke!

    March 25, 2009 03:24 pm at 3:24 pm |
  2. Do The Limp, Obsequious, Crack-licking Rushpublicans Have A Boehner Over Limbaugh Yet?

    GOP leaders were unable to provide an estimate of how much their proposed plan would cost.

    Really? Big surprise! They're still trying to "Bushwhack" and "Reaganomic" us like they did for the last eight years!

    March 25, 2009 03:24 pm at 3:24 pm |
  3. Dave

    This is what puzzles me. We have morons like Begala that want everyone to believe the GOP has no ideas but they do and they look better than the garbage being spewed upon us now. I am independent and believe that this two party system is a scam but I will go with whoever is driving us toward the cliff at 35 mph instead of 65 mph! Better yet, we need a viable third party to save us from this punch and judy scam going on.

    March 25, 2009 03:24 pm at 3:24 pm |
  4. Ghost

    Wait, isn't this rewarding bad behavior? Giving a tax credit to people who couldn't afford the homes? Giving tax credits to mortgage lenders who signed off on these loans? I lived right, made the right choices, didn't live beyond my means. Where's my bailout?

    Ohh, that's only if a democrat had proposed this. My bad, carry on......

    March 25, 2009 03:25 pm at 3:25 pm |
  5. RLE

    It's no surprise that the gop can't put a price tag to their plan because they are clueless. They want to appear knowledgeable but America is not being fooled; they are all for themselves.

    March 25, 2009 03:25 pm at 3:25 pm |
  6. Brina

    How much is this plan going to cost?

    March 25, 2009 03:26 pm at 3:26 pm |
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