Congressman Calvert is sending out an email in response to the President’s address this past week.  In his response Calvert says, “The market-based loan modifications make sense for homeowners who are on the margins, but in some cases, people simply bought homes they could not afford.  While I agree that foreclosures adversely impact other homeowners, I do not believe homeowners who pay their bills on time and renters, who have saved up to buy a home, should foot the bill. The moral hazard in this case is simply too great and establishes a troubling precedent.”

This argument hardly seems credible coming from a gentleman who authored a bill loosening adjustable rate regulations that encouraged folks to purchase homes they couldn’t afford.  Back in 2003, Calvert wrote HR 1443 (Access to Affordable Mortgages Act) which amended the National Housing Act to assure that 5/1 Adjustable Rate Mortgages (ARMs) were offered competitively in the marketplace.  At the time Calvert said, “Congress has recognized the importance of more loan options to home-buyers and banks by allowing a range of adjustable mortgage rates.  This provision will increase interest rate flexibility and thereby contribute to a stable economy and a robust real estate market.”

Considering that Mr. Calvert himself is a real estate professional, it’s amazing he couldn’t see the flaw in his own legislation and believed it would lead to a more robust real estate market and a stable economy.  The largest city in his district (Riverside) now has one of the highest unemployment rates in the nation and ranks as the fourth largest foreclosure market in the country.  This is also the same “real estate expert” who purchased land illegally in Jarupa (another portion of his district).  With real estate experts like Mr. Calvert telling us what does and doesn’t work with regards to the real estate market, who needs the Obama economists, right?

The Democratic Congressional Campaign Committee (DCCC) posted a map today detailing the benefits for the Recovery Plan.  The DCCC has made Congressman Calvert one of 12 GOP House members they are targeting in an e-mail, text, and telephone campaign calling these members out for voting against the stimulus package.  As the DCCC states, “Congressman Ken Calvert’s vote against President Obama’s economic recovery package means that he tried to block a badly needed and shovel-ready project to repair streets in Riverside, California, creating 23 jobs alone.”

To view the map, visit www.DCCC.org/Content/Recovery

In Mr. Calvert’s world of bizarre partisan purity, the Stimulus Bill spends too much. This argument hardly seems credible coming from a gentleman who voted to bailout banks and corporate CEOs to the tune of seven hundred billion dollars with no oversight, and who repeatedly voted to spend a budget-busting trillion dollars in Iraq.

As of November 2008, the Bureau of Labor Statistics ranked Riverside the highest unemployment rate in the country (surpassing Detroit).  Failed trade agreements, deregulated financial markets, and tax policies that have encouraged the concentration of great wealth into pockets of a handful of Americans have put the middle class at risk.  All things that Mr. Calvert supported and voted for.  Today, in Riverside County hundreds of businesses have shut their doors.

By voting against this Bill, Mr. Calvert once again proves how out-of-touch he is with his own constituents and why he lost 80% of his district.

To help oust Calvert once and for all, visit HedrickforCongress.com and donate to the campaign.