Rep. Foster Fights for Homeowners

Press Release

Rep. Foster Fights for Homeowners

Today, Congressman Bill Foster voted to pass two bills which will begin to alleviate the housing crisis. The package of bills will aid in the recovery of Illinois communities harmed by the empty homes caught in the foreclosure process and also will help families facing foreclosure to keep their homes and will help other families avoid foreclosure in the future.

"Home foreclosures are bad for everyone in Illinois, including current homeowners, lenders, and neighborhoods, and the increasing rate of foreclosures nationwide has had a particularly negative impact on our economy," Foster said. "The legislation we have passed today aids the families and communities that have been hit hardest by the housing crisis. In addition, the legislation simultaneously creates measures that will prevent future foreclosures on homes across our district, from Aurora to Geneseo."

H.R. 5818, the Neighborhood Stabilization Act of 2008, establishes a $15 billion loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes. $7.5 billion will be available in the form of grants, and $7.5 billion will be available in the form of loans.

In addition, the House passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. This legislation modernizes the Federal Housing Administration (FHA) and reforms Government Sponsored Enterprises (GSE), while also helping significant numbers of hard-working Illinois families in danger of losing their homes refinance into lower-cost government-insured mortgages they can afford to repay.

"I am proud to support the most comprehensive response yet to the mortgage crisis. Our economy needs a stable housing market, and the families of the 14th Congressional District of Illinois need relief," Foster said.

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