Reseda, CA - In the face of the growing banking
crisis, California Congressional candidate for the
27th District Navraj Singh called on his opponent
Representative Brad Sherman and other lawmakers to
stop bailing out wealthy corporations and failed
mortgage banks at the expense of the American
taxpayer and said it was time to put a stop to
crony capitalism.
"Congressman Brad Sherman is among several lawmakers who corrupted our financial system by taking campaign funds from Freddie Mac and Fannie Mae as well as other mortgage and banking entities that were being criminally mismanaged. They must be squarely blamed for the terrible crisis gripping our nation. I call on Congressman Sherman and others to stop putting further burdens on the poor taxpayer with massive bailouts."
Singh said Sherman being a member of the House Financial Committee had an additional responsibility to oversee the health of the financial industry. "He and others on the committee who took funds from the very organizations they were supposed to monitor seriously compromised their own integrity and failed the American public," he said.
According to the watchdog website OpenSecrets.org, Congressman Sherman received $1.4 million in campaign finance from the finance/insurance/real estate sectors, including $18,000 from Fannie Mae & Freddie Mac.
Sherman was directly responsible for initiating and supporting bills such as HR 1461 that raised the limits of loans the two entities could make, enabling them to finance high-end mortgages in Los Angeles -- up to $509,230. Singh said Sherman did not serve the public's interest by allowing the two mortgage giants which enjoy taxpayer subsidized funding to give loans to upper middle class borrowers. "The purpose of Freddie Mac and Fannie Mae was to help low and moderate-income families own their homes. At the time Congressman Sherman increased the loan limits, the average home in the US was only $200,000. He was only helping some of his cronies and big donors, not the average taxpayer," Singh said.
He added that the taxpayer has now suffered a double whammy due to such actions. "After assisting in their collapse, Sherman has been in the forefront of the bailout effort, throwing good money after bad. The homeowner who is facing foreclosure is not being helped by these bailouts."
A successful businessman who has lived in the San Fernando Valley for the past twenty-five years, Singh said he wants to see change in Congress and has pledged that, if elected, he will donate his entire congressional salary and other benefits to the families of service personnel killed in Iraq.
Contact: (818) 967-3477
September 15th, 2008
"Congressman Brad Sherman is among several lawmakers who corrupted our financial system by taking campaign funds from Freddie Mac and Fannie Mae as well as other mortgage and banking entities that were being criminally mismanaged. They must be squarely blamed for the terrible crisis gripping our nation. I call on Congressman Sherman and others to stop putting further burdens on the poor taxpayer with massive bailouts."
Singh said Sherman being a member of the House Financial Committee had an additional responsibility to oversee the health of the financial industry. "He and others on the committee who took funds from the very organizations they were supposed to monitor seriously compromised their own integrity and failed the American public," he said.
According to the watchdog website OpenSecrets.org, Congressman Sherman received $1.4 million in campaign finance from the finance/insurance/real estate sectors, including $18,000 from Fannie Mae & Freddie Mac.
Sherman was directly responsible for initiating and supporting bills such as HR 1461 that raised the limits of loans the two entities could make, enabling them to finance high-end mortgages in Los Angeles -- up to $509,230. Singh said Sherman did not serve the public's interest by allowing the two mortgage giants which enjoy taxpayer subsidized funding to give loans to upper middle class borrowers. "The purpose of Freddie Mac and Fannie Mae was to help low and moderate-income families own their homes. At the time Congressman Sherman increased the loan limits, the average home in the US was only $200,000. He was only helping some of his cronies and big donors, not the average taxpayer," Singh said.
He added that the taxpayer has now suffered a double whammy due to such actions. "After assisting in their collapse, Sherman has been in the forefront of the bailout effort, throwing good money after bad. The homeowner who is facing foreclosure is not being helped by these bailouts."
A successful businessman who has lived in the San Fernando Valley for the past twenty-five years, Singh said he wants to see change in Congress and has pledged that, if elected, he will donate his entire congressional salary and other benefits to the families of service personnel killed in Iraq.
Contact: (818) 967-3477
September 15th, 2008