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Housing and Economic Recovery Act of 2008

By: Al Green
By: Al Green
Date: July 23, 2008
Location: Washington, DC
Issues: Finance and Banking Housing and Property


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

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Mr. AL GREEN of Texas. Mr. Speaker, we have record declines in home prices, 4.8 percent in May, $400 billion in losses and write-downs by banks. One of every 500 homes are in the foreclosure process, and 2.8 million homes are at risk of foreclosure.

If this is a bailout, it is a bailout of the United States of America.

Yes, Fannie and Freddie are too big to fail, and we should not fail them. But this bill is balanced. It also helps Aunt Fannie and Uncle Freddie. It helps the everyday citizen to keep his or her home.

At some point, we have to realize that this helps not only institutions, it helps people. I support the bill. It is balanced and it is fair.

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