News & Issues: Candidate Interviews

8th Congressional District Interview

1. What is your position regarding the proposed regulation permitting banks to sell and manage real estate?

   Ms. Virginia Schrader (D):

   Oppose. I think it’s a terrible idea. Banks are involved in too many things already. Realtors already know what they’re doing. Banks would not be able to do real estate as well.

   Mr. Mike Fitzpatrick (R):

   Oppose. Realtors should sell real estate, banks should provide banking services.

2. What is your position on tax reform that eliminates the mortgage interest deduction and/or imposes a sales tax on home purchases?

   Ms. Virginia Schrader:

   Support.

   Mr. Mike Fitzpatrick:

   I recognize that regulators can go overboard and that it’s important to make sure they are fair and don’t go too far.

3. What is your position on a reduction in the capital gains tax rate?

   Ms. Virginia Schrader:

   Oppose because it helps middle class people to be able to afford their homes. We need to protect our communities by promoting homeownership. I would also not support a sales tax on home purchases.

   Mr. Mike Fitzpatrick:

   Oppose. I am against sales tax on home purchases. I am opposed to any tax increases. I would also attempt to maintain the mortgage interest deduction.

4. What is your position on reducing the capital gains tax rate on the sale of investment real estate to the same rate as gains on the sale of financial assets?

   Ms. Virginia Schrader:

   Oppose. Unless there was a good reason for the business community I would oppose a reduction.

   Mr. Mike Fitzpatrick:

   Support. I believe the capital gains tax rate is scheduled to be reduced. I would like to see tax reductions made permanent.

5. What is your position on incentives to state and local governments to simplify their sales taxes so that goods sold over the Internet are taxed in the same manner as goods sold in a store?

   Ms. Virginia Schrader:

   Support. I would want them to be on a level playing field.

   Mr. Mike Fitzpatrick:

   Sounds like something I would support, but I don’t know enough about it.

6. What is your position on increased federal appropriations to promote the development of privately owned affordable rental housing?

   Ms. Virginia Schrader:

   I’d want to do whatever I can to make it as easy and as equitable to make it easier for people to own their own homes.

   Mr. Mike Fitzpatrick:

   Support. I’m against anything that is out of date and punitive.

7. What is your position on a tax credit to developers who build or rehabilitate affordable, single-family housing for purchase by lower income families?

   Ms. Virginia Schrader:

   Support. I have seen the benefits of ERISA plans and believe this can be a benefit to large associations.

   Mr. Mike Fitzpatrick:

   Support. We have 40 million uninsured citizens and we’re smarter than that. We should be able to do better than that. We should be able to pull our resources together to solve these problems.

8. What is your position on a proposal to streamline access to the federal courts in 5^th Amendment private property takings cases to allow property owners quicker adjudication of their cases?

   Ms. Virginia Schrader:

   Support. I’ve seen how homeownership can help sustain neighborhoods and communities and it makes other problems easier to deal with.

   Mr. Mike Fitzpatrick:

   Support. Housing is a national priority. Government should provide the service when private industry can’t or won’t meet that need. Bucks County was one of the first counties to establish an affordable housing trust fund. If I was elected, I’d want to bring the realtor association in to this debate.

9. Do you support efforts to require the disclosure of credit scores and insurance scores used in the underwriting process of a mortgage or insurance application?

   Ms. Virginia Schrader:

   Support. I would support this as long as it is truly aimed at the lower to moderate income individuals.

   Mr. Mike Fitzpatrick:

   Support. If the federal government (with state and local government) can help someone find shelter, they should do it.

10. Would you support establishing a new approach for federal assistance of affordable rental production?

    Ms. Virginia Schrader:

    The main thing is that we are talking about quality housing and not providing increased opportunities for slum landlords.

    Mr. Michael Fitzpatrick:

    Support. I think it’s a good idea every so often to see how well a program is working and make modifications to improve the way things work. Disabled people have a particular problem finding rental housing.

11. What is your position on reforms to the federal Endangered Species Act, which incorporate economic considerations into government efforts to protect and recover species?

    Ms. Virginia Schrader:

    Support. There should be an analysis and the parties should work together to develop a reasonable compromise.

    Mr. Michael Fitzpatrick:

    You absolutely need to balance the needs of the environment with the rights of property owners. You probably need to provide compensation for loss of value.

12. What is your position on reforms to the wetlands regulatory system under the Federal Clean Water Act, which protect valuable wetlands without inhibiting economic development?

    Ms. Virginia Schrader:

    We need to balance the competing interests.

    Mr. Mike Fitzpatrick:

    A balance is needed for this situation as well.

13. Regarding flood insurance, what is your position on legislative efforts to increase the flood insurance premiums of owners of repeatedly-flooded properties who refuse government offers of mitigation assistance?

    Ms. Virginia Schrader:

    Support.

    Mr. Mike Fitzpatrick:

    Federal government should not be a handout for people who continually put themselves in harm’s way.

14. Regarding terrorism insurance, what is your position on reauthorization of the existing federal program?

    Ms. Virginia Schrader:

    Support. I understand how expensive the insurance can be without the back stop.

    Mr. Mike Fitzpatrick:

    Generally, federal programs should be a backstop, but perhaps on matter of security there may be a role.

15. Regarding natural disaster insurance, what is your position on legislative efforts to create a temporary federal program to sell disaster reinsurance to private insurers and re-insurers, thereby providing a backstop to the industry and supporting them in writing policies in disaster-prone areas?

    Ms. Virginia Schrader:

    Support. Sounds like a good idea.

    Mr. Mike Fitzpatrick:

    Generally, the government should play a role.