Housing and Economic Recovery Act of 2008

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

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Ms. VELÁZQUEZ. Mr. Speaker, I want to thank Chairman Frank, Ms. Waters and the members of the minority who have worked in this important bipartisan bill.

Mr. Speaker, right now, this country needs swift effective action, and this legislation will do just that. Neighborhoods across the Nation are feeling the effects the growing number of abandoned and foreclosed properties. In my district alone, there are almost 700 homes in foreclosure. Home owners, even in strong housing markets, are watching their financial security disappear. What was once a robust growing market is now at the core of the current economic downturn.

H.R. 3221 will help reverse this, stabilize neighborhoods, and convert foreclosed properties into stable rental and home ownership opportunities for working families.

Most importantly, Mr. Speaker, it protects a basic need for millions of Americans, affordable housing. With the magnitude of the housing crisis and number of people struggling to keep their homes, the time to act is now.

When a family goes into foreclosure, they lose their economic stability and strain our already struggling economy. H.R. 3221 will restore investor confidence in the housing finance market while securing the American dream for working families. It not only addresses the immediate needs but installs safeguards so we can prevent a future housing downturn.

While access is essential, equally critical to the housing recovery is the ability of sound mortgages.

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