Helping Families Save Their Homes Act 2009

Floor Speech

HELPING FAMILIES SAVE THEIR HOMES ACT OF 2009

The House in Committee of the Whole House on the State of the Union had under consideration the bill (H.R. 1106) to prevent mortgage foreclosures and enhance mortgage credit availability:

* Mr. LARSON of Connecticut. Mr. Chairman, I rise today to express my support for H.R. 1106: Helping Families Save Their Homes Act of 2009. I want to thank all of the members who worked tirelessly on this bill as well as the President for making this a priority in his plan to help families stay in their homes.

* Our country is faced with enormous challenges and every community has felt the effect of this economic downturn. Digging ourselves out of the hole we have been left will not be easy and will require difficult choices.

* The housing crisis is not only at the root of the economic crisis we currently face, but continues to be a problem for millions of families facing difficulties in paying their mortgages. In Connecticut there were over 25,000 foreclosure filings in 2008, which was an increase of 84 percent over the previous year. Already in January of this year there have been more than 1,600 foreclosure filings in the state, including 387 in Hartford County alone.

* This bill will go a long way to decreasing foreclosures and keeping families in their houses. It helps provide opportunities for families to refinance or modify their mortgages and ensures fairness in our bankruptcy courts for homeowners who face this option as their last resort. By allowing bankruptcy judges to modify the terms of mortgage loans, we will give homeowners the same opportunity that others have to restructure their loans for vacation homes. The bill also contains fixes to the Hope for Homeowners program that will provide more incentives for servicers to refinance mortgage loans and reduce fees for participating in the program. Finally, by permanently increasing federally insured deposits from $100,000 to $250,000 we will help restore confidence in our financial system.

* This recovery will require a number of steps and this legislation is the next step in getting America back on track. I again want to express my support for this bill and urge my colleagues to vote for its passage.

Source