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Sen. Cornyn: Senate Clears Bill To Help Struggling Homeowners

Statement

Date: May 6, 2009
Issues: Housing and Property


Sen. Cornyn: Senate Clears Bill To Help Struggling Homeowners

U.S. Sen. John Cornyn, a member of the Finance and Budget Committees, released the following statement after supporting the Helping Families Save Their Homes Act, which passed the Senate today by a vote of 91-5.

"Throughout the economic downturn, I have advocated for Congress to fix housing first. The Helping Families Save Their Homes Act will help Texas homeowners meet today's economic challenges. This legislation will protect the bank deposits held by Texans in financial institutions, including community banks and credit unions. It also increases transparency and oversight of TARP to help protect taxpayers' money. Notably absent from this bill is the ‘cram down' provision Democrat leaders attempted to add that would lead to higher interest rates, but was rejected by a bipartisan majority of Senators," Sen. Cornyn said.

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