Utah Senator Says Turning TARP into a Slush Fund to Pay for this Plan is “Outrageous”

WASHINGTON, DC – March 26, 2010 – (RealEstateRama) — U.S. Senator Orrin Hatch (R-Utah) issued the following statement today after the Obama Administration announced a new plan, paid for out of TARP funding, to confront home foreclosures: 

“There’s no question that our high home foreclosure rates are a problem and that families across the country and in Utah are struggling. What I object to is that under the Administration’s new proposal, the Federal Housing Authority will be taking on more and more troubled mortgages, which could lead that agency to collapse leaving taxpayers holding the bag.

“Furthermore, this proposal hardly seems fair to people in Utah, who work hard, pay their bills on time, and raise good families. They feel like they are being penalized for being responsible and that’s not right.

“This plan is also paid for out of TARP money – money that under the law should be going to pay down our debt that will be 90 percent of our nation’s GDP by 2020. Turning this poorly-managed program into a slush fund for more and more federal spending is outrageous and must stop.”