Statement by Rep. Miller in Support of the Housing Package to Rescue Homeowners Facing Foreclosure
WASHINGTON, D.C. – 5/7/08 – Congressman George Miller issued the following statement today in strong support of legislation to help homeowners and families affected by the housing crisis. Despite numerous delay tactics and strong opposition by the Republicans and the President, the housing package is expected to pass either tonight or tomorrow morning.
“This past year has been one of the most difficult ever for middle class and low-income homeowners because of the collapse of the credit markets, the weak economy, and high energy prices. It is clear to all that what began as a housing crisis has become a crisis for the entire economy and the entire country.
“The housing crisis put a strain on our banking system, and that has sent shock waves throughout the credit markets, for cars, for student loans, and for all consumers. American families in all walks of life are feeling the economic strain.
“Millions of families across the nation have lost or are at risk of losing their homes. Foreclosures in my congressional district, Solano County and Contra Costa County, are among the highest in the country. People are looking to Congress for help.
“It is critical that we stabilize the housing market and reduce the number of homes going into foreclosure.
“The bill we are considering today is urgently needed. It is designed to responsibly rescue those who are facing foreclosure. It responds directly to the current crisis, but it also establishes a system to try to prevent a similar crisis in the future.
“This bill will provide mortgage refinancing assistance to keep families from losing their homes, protect neighboring home values, and help stabilize the housing market. The federal government will step in to insure $300 billion in new mortgages.
“This legislation will allow FHA to insure more affordable fixed rate loans for borrowers who are facing financial troubles. It will modernize the FHA and reform the GSEs while providing crucial liquidity to our mortgage markets now, and will also strengthen regulation and oversight for the future.
“The mortgage collapse has sent shockwaves through our entire economy and it is clear that stabilizing the housing market is a critical step in strengthening our economy.
“I am appalled that President Bush refuses to help American homeowners despite being perfectly willing to rescue Bear Stearns just a few months ago. It is reckless for the White House to threaten to veto this housing package that will make it easier for those in trouble to keep their homes and will help stabilize our economy.
“I urge the President to support this bill.
“With this legislation, we can begin to repair the economy, restore confidence in the markets, limit the damage to families and neighborhoods, and help build new affordable housing. This bill is good for hard working American families. We owe it to them to get it done.”
Posted by PDP-Staff at May 7, 08 11:09 PM | Comments (0) | TrackBack (0)
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