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Unfortunately, throughout the housing crisis we’ve seen innocent homeowners who have been victims of shady mortgage lenders and unscrupulous individuals who have used a down market to line their own pockets at the expense of others. This bill is designed to send a message by revising our laws to ensure criminals are brought to justice and that law enforcement has the tools to uncover these fraudulent schemes and go after the bad actors. Criminals should be put on notice that ripping off homeowners and taxpayers won’t be tolerated.
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Quoted in "Congress Targets Mortgage Fraud: Justice for Victims, Jail for the Guilty," Tri-State Defender (2009-02-12)

 

Chuck Grassley

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Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans. Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.

 

Ron Paul

 

It does harm a great many other people, but primarily because it's prohibited. There are an enormous number of innocent victims now. You've got the people whose purses are stolen, who are bashed over the head by people trying to get enough money for their next fix. You've got the people killed in the random drug wars. You've got the corruption of the legal establishment. You've got the innocent victims who are taxpayers who have to pay for more and more prisons, and more and more prisoners, and more and more police. You've got the rest of us who don't get decent law enforcement because all the law enforcement officials are busy trying to do the impossible.
And, last, but not least, you've got the people of Colombia and Peru and so on. What business do we have destroying and leading to the killing of thousands of people in Colombia because we cannot enforce our own laws? If we could enforce our laws against drugs, there would be no market for these drugs.

 

Milton Friedman

 

A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage-market financed withdrawals of home equity in recent years.

 

Alan Greenspan

 

It is a myth that the Patriot Act empowers the government to be overly intrusive, giving it power that could someday be used to pry into innocent Americans’ personal lives. The fact is that the Patriot Act was born of a well-established criminal justice and national security structure as well as vibrant bi-partisan debate in Congress, both upon its establishment and its renewal. The Act was written to help the law enforcement and intelligence communities to protect Americans and fight the war on terror. It, in fact, answered the call of career, rank and file law enforcement to update our laws to match law-enforcement tools with modern technology. The Patriot Act simply ensures that law enforcement and national security personnel have the tools they need to keep us safe from terrorism — and in many cases those tools were already available to law enforcement in other contexts — while also ensuring that those tools are consistent with the Constitution and include appropriate safeguards against government over-reaching.

 

Alberto Gonzales

 

"There's no way to rule innocent men. The only power government has is the power to crack down on criminals. When there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws."

 

Ayn Rand