Housing and Economic Recovery Act of 2008

HOUSING AND ECONOMIC RECOVERY ACT OF 2008 -- (House of Representatives - July 23, 2008)

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Mr. MEEKS of New York. Mr. Speaker, I want to thank Chairman Frank for this great work. This is probably one of the most important bills that we are going to pass in this 110th Congressional Session.

When you look at what is taking place and you look at the fruits of what is going on in our economy, you see that the housing crisis is the catalyst for our Nation's current economic crisis. And what this bill does, it really is, it makes this House stand up for the true meaning of its creed, the people's House, because there are a lot of things in here that go to the people of the United States of America, the taxpayers who we entrust and know that they are the heartbeat of this economy.

When you talk about creating equality in wealth, it is with homeownership. And what this bill does, it makes sure that individuals continue that homeownership. It makes sure the individual receives financial literacy. It makes sure that the unscrupulous lenders, you know, those people who were victimized by the unscrupulous lenders, that they are wiped out of the map and that people get counseling that is desperately needed in this place. And also it talks about organizations who have been integrally involved in creating opportunities to folks. This is a very good bill. I vote ``aye.''

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Mr. Speaker, I would like to applaud my colleagues in the House, Members of the United States Senate, the Secretary of the Treasury, Financial Industry and Housing Sector advocates and, in particular, my friend and colleague, House Financial Services Committee Chairman Barney Frank for providing the leadership and resources in crafting this landmark legislation, H.R. 3221, the Housing and Economic Recovery Act of 2008.

My district, New York's 6th Congressional District has among the highest rates of foreclosure in the Nation. This legislation will address the severe housing crisis that has been the catalyst for our Nation's current economic crisis and has disproportionately impacted the African-American community. There is ample evidence that this crisis is having a devastating and disproportionate impact on the African-American and Latino communities. This Congress has insured that the Housing and Economic Recovery Act of 2008 not only addresses the larger problems of industry giants like Fannie Mae and Freddie Mac, but it also specifically targets urban, low income and minority communities and homeowners who have been affected by unscrupulous sub-prime and predatory loans. These loans have led to record rates of foreclosures that are having disastrous results in the African-American and Latino community.

I am particularly heartened that the measure provides nearly $200 million in Federal funding for housing counseling services. These counseling services will provide funds for nonprofit groups that serve low income, minority and urban communities to provide desperately needed financial literacy outreach and education.

Organizations such as the National Urban League, which has provided housing counseling services to our Nation for over 40 years and offers a wide variety of housing counseling services to homeowners, as well as low-to-moderate income renters. Housing counseling plays a key role in increasing financial awareness and Closing the wealth gap between minority and nonminority households.

Throughout my tenure in the Congress, I have fought for an expansion of housing counseling and financial literacy services in an effort to improve the financial situation for minorities with respect to securing homeownership, maintaining. good credit and attaining monetary savings.

I am pleased to hear that President Bush is no longer threatening to veto this much needed legislation. I would urge the Congress to move quickly to enact this historic legislation and to get it to the President's desk as soon as possible.

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