This afternoon, the campaign released a statement detailing our plan to put homeowners ahead of big banks. The full text is below.
Fairfax, VA – Richard Bolger, Democratic candidate for the 10th Congressional District, rolled out his Homeowner Jumpstart and Protection program, his second economic proposal for 2014. His plan is designed to jumpstart the real estate market, a major engine capable of driving economic activity throughout Virginia’s 10th District.
“Voters have been sharing their stories of homes they cannot sell because they are underwater. The big banks that caused our housing crisis have been guarding the henhouse for too long. It’s time we had a plan that provides real protections for homeowners. Unlike the taxpayer bailout of the banks, my plan is between the lender and the borrower. The taxpayer is not involved.”
“As it is now, many homeowners are basically renting from the bank, with no realistic hope of ever owning their home. My plan would force big banks to reduce interest rates for three to five years, allowing homeowners to pay down the principle balance on their loan. In this way, homes can build equity and be returned to the marketplace, or be retained and maintained by the homeowner who has the pride of ownership.”
“But we can’t stop there. Big banks are hounding borrowers for money after a family has gone through the gut-wrenching process of a short sale or a foreclosure. My plan will tell big banks the value of the collateral is the limit of the homeowners’ obligation to the bank. Big banks contributed to this problem market. They will have to pay their fair share too,” Bolger said.
“I have spent the last three weeks laying out my position on core Democratic values because voters deserve to know where each primary candidate stands. I am calling on my primary opponents to stand up and support our core Democratic values that put working families first,” Bolger said.