Imperial Valley News

Washington, DC - Today, the House of Representatives was scheduled to consider two bills intended to help American families who are loosing their homes. Unfortunately, the Republican Minority held up consideration of both bills, using procedural tactics to stall.

“While people in California, including many veterans, are losing their homes, the Republicans are playing games in Washington, D.C.,” stated Filner, who supports the underlying housing bills. “When it comes to dealing with the housing crisis, the Republican motto is delay, delay, delay….obstruct, obstruct, obstruct.”

The Neighborhood Stabilization Act of 2008 (H.R. 5818) would establish a loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes. HUD allocates funds to States. The American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221) would modernize the Federal Housing Administration loan program and improve oversight and administration of Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks (the GSEs or Government Sponsored Enterprises).

Everyone - homeowners, lenders, neighborhoods, our entire economy - is worse off when a foreclosure occurs and significant quantities of homes are foreclosed in a short amount of time. The housing package considered by the House is both rescue-oriented and forward-looking, responding directly to the current crisis facing middle-class Americans while providing the tools to prevent a repeat of these problems.

Modernizing the FHA and reforming GSEs will provide crucial liquidity to our mortgage markets now, and strengthen regulation and oversight for the future. These measures, which have bipartisan support, will begin to repair the economy, restore confidence in the markets, limit the damage to families and neighborhoods, and help build new affordable housing.