Hackworth, Young spar over mortgage bill
Just hours after President Bush signed a mortgage assistance bill into law, Dunedin mayor and Democratic congressional candidate Bob Hackworth released a scathing press release chastising the man he is hoping to unseat, 19-term Republican Rep. C.W. Bill Young (R-Fla.), for voting against it.
“With 1.4 million foreclosures, and rising, nationally, and with one home out of 200 in Florida in foreclosure, it is outrageous that Rep Bill C. W. Young, would not support this bill. I find it deplorable that Rep. Young voted against this bill, especially with Florida having such a high mortgage default rate. As our Congressman, he should be trying to help, not hurt during this crisis,” Hackworth said in a press release.
The law allows the Federal Housing Administration to provide $300-billion to help homeowners facing foreclosure get a new loan. But it also allows the Treasury Department to loan mortgage giants Fannie Mae and Freddie Mac unlimited sums of money, effectively bailing them out of their current crisis.
Young, a senior Republican member in the House of Representatives, joined many of his conservative colleagues in voting against the bill. They were most specifically opposed to the bailout of Fannie and Freddie.
--Andrew Dunn, Times Staff Writer