Pelosi Statement on U.S. Conference of Mayors Report on Mortgage Foreclosure Crisis

Statement

Speaker Nancy Pelosi issued the following statement on a report issued today by the U.S. Conference of Mayors on the economic impact of the mortgage foreclosure crisis. Below the statement is a fact sheet on action taken by the House of Representatives to address the mortgage crisis:

"Today, the U.S. Conference of Mayors released a significant report warning of the impact of the mortgage foreclosure crisis - a weakening of our economy and the economic security of American families. As individuals struggle with the subprime mortgage crisis, the report concludes that its impact could be nationwide, with weak residential investment, lower spending in the construction industries, and curtailed consumer spending. This demands serious solutions.

"Already this year, and with the support of America's mayors, the House has taken swift action to help families struggling to make mortgage payments and avert this potential economic downturn. With bipartisan support, we have reformed the Federal Housing Administration so it can help people at risk of foreclosure stay in their homes with affordable loans and refinancing options; taken comprehensive anti-predatory action to prevent bad loans from being made in the first place; and expanded housing counseling for distressed families who are at risk of losing their homes."

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