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AUSTIN – Congressman Michael McCaul (R-TX 10) voted against a housing and foreclosure bill that will extend help to irresponsible borrowers, but at the same time inject more uncertainty into the economy by contracting the credit market.
The bill would allow judges to lower the total amount of the loan, the payments and the interest that a borrower must pay a creditor. This practice, known as a "cramdown", would be allowed on principal residences. It is currently not allowed under Chapter 13 of the bankruptcy code.
“I applaud the Austin City Council’s unanimous vote today to move forward with Austin Energy’s proposed solar plant in Webberville. This is a step in the right direction in bringing large scale solar power to Austin and the residents of the 10th Congressional District. As founder of the Green Schools Caucus and the Congressional High Tech Caucus, I am proud to see Austin leading the nation in the development of alternative energy.”
“Bastrop County has endured a wildfire that has left a significant scar on several tight knit communities. While the northern edge of the affected area is just outside my district, it affects our entire region and I want to assure you that Bastrop County will receive the help from the federal government that it needs for homeowners and businesses to repair and rebuild. I commend Judge McDonald and Governor Perry for acting quickly to start the process to receive federal aid.
“While President Obama did not support the surge as a member of Congress, I am pleased that he is listening to our military commanders.