Americans for prosperity leads coalition opposing sub-prime mortgage bailout

As policymakers debate what to do about the growing number of sub-prime mortgages facing default, Americans for Prosperity is leading a coalition that represents millions of citizens opposed to any measures that put Uncle Sam on the hook to bailout lenders and borrowers.

"We formed this coalition because we don't want the fallout from the sub-prime housing crisis to be used as a pretext for a larger more intrusive federal government," said Phil Kerpen, director of policy, Americans for Prosperity.

The groups sent a letter to Congress opposing such measures as expanding the role for government sponsored enterprises like Fannie Mae and Freddie Mac, which they say, will encourage even more irresponsible risk-taking, leaving taxpayers with the bill if loans default.

Credit: MultiVu
Copyright: MultiVu