Expanding American Homeownership Act of 2007

Floor Speech

EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007 -- (House of Representatives - September 18, 2007)

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Mr. ELLISON. Madam Chairman, I would like to thank Chairwoman Waters and Chairman Frank for bringing this bill to the floor today before the body.

H.R. 1852 makes significant improvements to the current Federal Housing Administration policy at a time that is crucial to American working families and to our Nation's economy. It comes before us at a time when the unstable housing market has brought disruption to our economy, world financial markets, but, most importantly, in our neighborhoods. By expanding the availability of FHA loans and using the new revenue to create an Affordable Housing Trust Fund, we are helping to make the dream of homeownership not just an illusion but a real possibility. Once again, I want to thank the sponsors of this legislation and urge support of the bill.

I would also like to point out that the mortgage foreclosure crisis in America continues to get worse. Mortgage foreclosures are now at a level previously seen only at the height of the Great Depression, and it is only predicted to get worse going into the fall and winter. In August, foreclosures nationwide were up 115 percent from 2006. Hopefully, this important piece of legislation will help make the American Dream of homeownership not just an illusion but a real possibility.

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