FHA Refinance Program Termination Act

Floor Speech

Mr. McNERNEY. Thank you, Mr. Ranking Member.

I'm proud to represent much of San Joaquin County, which is the jewel of California's Central Valley. Our valley is a great place to live and work; but, unfortunately, we've been hit very hard by the economic downturn. The valley has been ground zero for the foreclosure crisis. Over the past few years, thousands of families in San Joaquin County and throughout the valley have lost their homes.

I hosted foreclosure workshops, and I met with hardworking people who were misled by lenders who were struggling to stay on top of their mortgages. I have seen grown men cry because they couldn't keep a roof over their children's heads. I have talked to veterans who served their country, only to return home to notices of default. And I have met seniors on the brink of homelessness.

The administration's foreclosure prevention initiatives have fallen short in the valley. Simply put, the administration's programs haven't effectively served the people who are underwater on their mortgage, and the administration hasn't been tough enough on the big banks. I call on President Obama and his Cabinet to develop more effective efforts to stem the tide of foreclosures.

But despite these shortcomings, the bill the House Republicans are offering today is absolutely the wrong approach. It is throwing the baby out with the bath water. Instead of canceling foreclosure relief programs at their beginning stages, we should be strengthening them so they are more effective. Mortgage counselors from my district advise and plead to improve our efforts to get tough on big banks and provide meaningful relief to families.

Stabilizing the housing market is critical to economic recovery and creating jobs. For these reasons, I oppose H.R. 830.

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