SUB PRIME LENDING
VITO FOSSELLA & SUB PRIME LENDING
Truth13 on Vito Fossella and Mortgage Crisis
REP. VITO FOSSELLA'S ANSWER TO MORTGAGE CIRSIS IS TO RAID HOMEOWNERS RETIREMENT ACCOUNTS
STATEN ISLAND, NY  According to Reuters [1], Republican Rep. Vito Fossella (NYÂ13) the Congressman representing Staten Island and Brooklyn, is introducing the Homeowners Assistant Act. Rep. Fossella’s bill will allow homeowners with a poor credit history, affected by the subprime crisis to tap into their retirement accounts to bail themselves out of trouble.
Richard Marini of Truth13, a group of concerned citizens residing in the 13th district, said "Vito Fossella obviously does not understand the severity of the issue. His answer to the mortgage foreclosure crisis is to shift the focus away from the irresponsible lending practices of his industry campaign contributors, and raid struggling homeowners’ retirement funds."
According to The Staten Island Advance [2], AARP spokesman Jim Dau warns "homeowners at risk should understand that tapping in early into retirement savings compounds into a bigger loss."
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