FOR IMMEDIATE RELEASE
July 23, 2008
Contact: John Wodele
Bachmann risks the economy and abandons homeowners
Blaine, MN – El Tinklenberg, former Mayor of Blaine and current candidate for Congress in Minnesota’s 6th District, issued the following statement today regarding Rep. Michele Bachmann’s vote against legislation to shore up Fannie Mae and Freddie Mac:
“With the slowing economy and growing number of housing foreclosures, Rep. Bachmann’s vote puts the entire economy at risk, says Tinklenberg.
“As a former Mayor, I was appalled that Rep. Bachmann voted against millions of homeowners and against needed aid to cities struggling with vacant and boarded-up homes.”
“Every taxpayer in America pays for the mortgage crisis when high foreclosure rates and declining home values decrease local tax revenues for schools, fire, police, and other essential services.”
“Every taxpayer in America pays for the mortgage crisis when high foreclosure rates and declining home values decrease local tax revenues for schools, fire, police, and other essential services. Nowhere has the foreclosure crisis hit harder than here at home -- 5 of Minnesota’s top ten counties for foreclosure rates are in the 6th District.” [According to a report from the Minnesota Housing Finance Agency (Anoka, Sherburne, Stearns, Washington, Wright]
“Fannie Mae and Freddie Mac are the largest sources of mortgage finance in the country and they are essential to our economy as a whole. With the current economic chill, it is irresponsible and short-sighted to allow uncertainty to linger in the housing market. If these entities were to fail, both banks and homeowners would be in jeopardy, and money for new mortgages could dry up. On top of all the other economic constraints they face, homeowners cannot afford any extra risk in their mortgage.
El Tinklenberg, U.S. House candidate in Minnesota’s Sixth District, is running against first-term Republican Rep. Michele Bachmann. Tinklenberg is endorsed by the Minnesota Democratic-Farmer-Labor Party, the Minnesota Independence Party, the Democratic Blue Dog Coalition, and 27 labor groups.
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