Washington, D.C. - Citizens Against Government Waste (CAGW) today ___ President Bush’s proposals to help homeowners avoid foreclosure.

“taxpayer-subsidized bailout.  The tactics of predatory lenders or the unfortunate decisions of over-eager borrowers should not be subsidized,” said CAGW President Tom Schatz.  “The key to restoring confidence in the mortgage and housing market is to promote responsible and sustainable lending and borrowing.”

Numerous laws already exist that protect consumers against fraud, abuse, and predatory lending practices.  Unfortunately for America’s taxpayers and borrowers, many of these laws have not been adequately enforced, contributing to the market’s current problems.

Congress should examine all of the facts in search of long-term solutions and work to avoid a knee-jerk reaction that could adversely affect the housing market and American taxpayers

Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.