Congress provided hundreds of billions of dollars in taxpayer money to bailout the banks. Rather than use the money to loan money to people so that this economy can get moving again, they used it to purchase naming rights for sports stadiums, to acquire other banks, and to redecorate their offices. At the same time, they went around the country freezing or reducing people’s home equity lines of credit. These people were not at risk to default. They had taken conservative mortgages, have paid their bills, and continue to work hard to live out the American dream. They rely on their home credit lines to pay for prescription drug costs, to pay for college tuition for the children, to support their small businesses, or simply to help make ends meet. Congress warned the banks not to irresponsibly freeze home loans and told them that if they failed to use the bailout money to free up credit lines, it would immediately commence Congressional hearings. We urge you to join with us in urging Congress to stand by its promise and hold the banks accountable. Congress, I urge you to stand by your promise to make sure banks use the federal bailout money to free up credit and start Congressional hearings on the banks systematic reductions of home equity credit lines.

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