Report: McNerney’s District Ranks in Country’s Top 10 Worst Foreclosure Rate
Independent Analyses Confirm $700 Billion Bailout Offers No Help For Foreclosures
10/9/08
A new report released this week by a national real estate and foreclosure tracking firm ranks Congressman Jerry McNerney’s congressional district among the country’s Top 10 worst congressional districts hardest hit by foreclosures. Yet, despite representing homeowners that are struggling with the country’s worst foreclosure rate in the nation, Jerry McNerney voted for a $700 billion Wall Street bailout package, which multiple independent analyses confirm will provide “no help for foreclosures.”
Real Estate & Foreclosure Report Ranks McNerney’s District 10th Worst Foreclosure Rate in Nation
“Seven of the 10 congressional districts most hard hit by foreclosures are in California, according to a firm that tracks foreclosure data and other real estate information. The 11th Congressional District, which has a competitive race between freshman U.S. Rep. Jerry McNerney (D-Pleasanton) and Stockton businessman and former Republican legislator Dean Andal, is 10th on the list.”
(Hotpads.com & PolitickerCA.com, October 7, 2008, “Seven of top 10 congressional districts for foreclosures are in CA”)
Contra Costa Times: “Bailout isn't likely to help homeowners”
“The harsh reality for hundreds of thousands of homeowners who are behind on their mortgages is this: A $700 billion bailout of the financial industry will probably do little to help them avoid foreclosure.”
(Contra Costa Times, October 2, 2008, “Rescue plan offers
little help to those facing foreclosure”)
Lou Dobbs: “$700 billion and Nothing in the Bill Deals with the Foreclosure Crisis”
“But $700 billion and nothing in that bill deals with the foreclosure crisis, if you can imagine that. That's arrogance. That's stupidity. That is your leadership in Washington, D.C. Democratic leadership in Congress and Republican leadership in the White House.”
(Lou Dobbs, CNN, September 30, 2008, “Lou Dobbs: Hooray for those who defeated bailout”)
Los Angeles Times: Homeowners facing foreclosure may see little benefit from Wall Street bailout plan
“But when it comes to foreclosures, the Treasury Department is only directed to "maximize assistance for homeowners" and write up monthly progress reports. But in many cases, the federal government's hands could be tied — either because the mortgages are pooled into securities sold in pieces to other investors, or because homeowners don't have the financial resources to stay in the property.”
(Los Angeles Times, October 2, 2008,“Homeowners facing foreclosure may see little benefit from Wall Street bailout plan)
Economist: “Bill Doesn’t Contain Any Element of Stability for Housing Market”
"This bill doesn't contain any element of stability for the housing market or the real economy," said Christian Menegatti, lead analyst for economic research firm RGE Monitor. "The problems are going to come back and the lack of confidence will come back."
(CNNMoney.com, “Bailout: Will it work?” October 4, 2008)
ONE TERM IS ENOUGH is chronicling Jerry McNerney’s series of broken promises and hypocritical stances. McNerney's list of offenses include bragging about cutting off funding our troops to left wing extremists, swapping campaign contributions for special interest earmarks, and a voting record as liberal as America's only Socialist.
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