Mortgage bail out questioned
A local congressman speaks out against the mortgage company bail out.
The American Housing Rescue and Foreclosure Prevention Act is a step in the wrong direction according to Congressman Paul Ryan. The Republican from Janesville tells WCLO's Stan Milam Show mortgage lenders like Fannie Mae and Freddie Mac will now have a free hand to continue funding risky mortgages. Ryan calls it an expensive bail out. He says it could add $1.6 trillion to the nations debt .
Ryan predicts the same companies could be back for more of the taxpayers money in a few years, because of a lack of reforms.