Durbin Statement on Passage of Major Housing Measure

Statement

Durbin Statement on Passage of Major Housing Measure

United States Senator Dick Durbin (D-IL) made the following statement today, after the Senate passed the bipartisan Foreclosure Prevention Act - a bill which will help hundreds of thousands of at risk homeowners keep their homes; aid communities as they recover from record foreclosures; and provide tax benefits for homeowners, homebuyers, and homebuilders aimed at helping the housing market recover.

"I hope the passage of today's bipartisan housing bill may start to turn the tide of foreclosures affecting every community in the nation. While it is far from a complete fix, it is recognition that this is a crisis which is not capable of healing itself."

"This measure will begin to help the thousands of Illinois homeowners who were sold risky subprime mortgages - giving them a chance to refinance at of high gas prices, a shrinking job market, and rising cost of living. "

"This bill will also help the millions of other homeowners whose property values are on the decline, simply because they live near a foreclosed property."

"I hope my colleagues in the House quickly pass this package and help those who need it most."

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