Today the House passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. This comprehensive response to the current mortgage crisis includes measures aimed at helping families stay in their homes and stabilizing our nation’s housing market.

According to the Pew Charitable Trusts, between 7,000 and 8,000 people per day are filing for foreclosure across the country.  Foreclosures negatively impact our nation on every level.  They cause families to lose their homes, tenants to have to relocate and cities to lose valuable tax revenue, making it harder to provide good schools, police protection, code enforcement and other vital services.  By taking steps to help homeowners avoid foreclosure, we are, in turn, taking steps to strengthen our families, our communities and this great nation.

There is no dream more fundamentally American than the dream of owning a home.  By passing the American Housing Rescue and Foreclosure Prevention Act, Congress took an important step in protecting that dream for current and future homeowners.

This entry was posted on Thursday, May 8th, 2008 at 5:33 pm and is filed under Politics, Economy/Budget .