Aiding Those Facing Foreclosure Act of 2010

Floor Speech

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Mr. JOHNSON of Georgia. Mr. Speaker, I rise in support of H.R. 5510, the Aiding Those Facing Foreclosure Act, which would redirect bank bailout funds to help struggling homeowners stay in their homes.

Mr. Speaker, the American people are deeply frustrated with the financial services industry. The same lenders who begged for taxpayer-funded welfare to survive their own mistakes now carelessly and summarily throw American families out of their homes. When they came to Congress hat in hand, having imperiled the global economy, they implored us to bail them out with claims that the American people would suffer if they were allowed to fail. Now, once again boasting record profits, they are throwing the American people under the bus.

I applaud the distinguished gentle lady from Ohio, Ms. CASTOR, for her courageous efforts to produce this bill, which would take bank bailout money and put it to good use assisting homeowners who face the nightmare of foreclosure.

I opposed the bank bailout known as TARP in 2008. I am pleased now to support redirecting those funds to a better cause.

I urge swift passage of H.R. 5510, a common sense bill that serves the public interest, not the rich, powerful, and connected.

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