It's Not Nearly Enough

IT'S NOT NEARLY ENOUGH -- (House of Representatives - April 17, 2008)

(Mr. COHEN asked and was given permission to address the House for 1 minute.)

Mr. COHEN. Madam Speaker, as many as 2.8 million Americans could lose their homes in the next 5 years due to the subprime mortgage crisis, yet the Bush administration refuses to properly address the crisis.

Last month the administration was willing to bail out Bear Stearns, but when they announced their plans to overhaul the regulation of financial institutions, they failed to properly address any of the needs of families who face the loss of their homes in the coming months.

The housing crisis demands bold action, and this House has already responded by passing legislation that would expand affordable mortgage loans opportunities to families at risk of foreclosure.

We've also passed bills that would raise Fannie Mae and Freddie Mac loan limits to increase liquidity in the mortgage market and that would increase the supply of affordable housing. And now we have a plan that would help 1.5 million homeowners afford foreclosure.

Madam Speaker, we hope the administration will join us in supporting these important bills that will provide necessary relief to those families feeling the impact of the housing crisis.

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