House Passes Comprehensive Legislation To Address Mortgage Crisis, Keep Families In Their Homes

Press Release

Today, Congressman Chris Murphy (CT-5) supported the most comprehensive response yet to the American mortgage crisis by helping families facing foreclosure keep their homes, helping families avoid foreclosures in the future, and helping the economic recovery of communities harmed by empty homes caught in the foreclosure process.

"Our economy has been rocked by the aftershocks of our nation's housing crisis. This bill aims to take control of the situation and restore public and market confidence in the economy, while ensuring that hundreds of thousands of Americans can stay in their homes," said Murphy.

The legislation, H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act, will restore confidence in many Americans' primary investment - their homes. The bill passed with bipartisan support, 272-152.

The House voted to give the Department of Treasury, requested by the Administration, emergency and temporary financing authority for Fannie Mae and Freddie Mac, which hold or back half of the national mortgage debt.

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