Housing Market Meltdown

Floor Speech

Mr. McNERNEY. Mr. Speaker, I represent the city of Stockton, California, which suffers from the highest foreclosure rates in the country. I have seen exactly how devastating this problem is for communities, and more important, for the families in our district. I hear all too often the heartbreaking stories of people struggling to keep up. In fact, Mr. Cardoza, who spoke a minute ago, and I have had foreclosure workshops to provide counseling to help families refinance and stay out of foreclosure.

Our current economic crisis, including the housing market meltdown, can financially devastate many people, and we need change right now so that hardworking American families can stay in their homes. We need to reform the system by raising the conforming loan limits and providing critical relief to hardworking families.

I strongly believe that we can help provide the breathing room that families need so they not only weather the downturn, but come back stronger than ever.

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