Washington, DC – Today, the House passed sweeping
legislation that will allow thousands of American families to stay in their
homes and keep our mortgage industry from falling into despair. Congressman John B. Larson (CT-01), Vice Chair of the Democratic
Caucus, said:
“Millions of families
in communities across this country have lost or could lose their homes to
foreclosure. This burst housing bubble
is leading our economy head first into a recession. The impact of the mortgage crisis is
ricocheting through every sector of our society.
“The legislation we passed
today in the House will allow thousands of those families to stay in their
homes by refinancing into lower cost government-insured mortgages. It will restore integrity to the American
communities that have been ravaged by foreclosure. And, it will boost the flailing housing
market.
“I also worked to
include a provision in the legislation that will ensure that community
development and low income housing projects like Artspace in Connecticut continue to be built and allowed
to thrive in our neighborhoods.
“I commend the work
of Chairman Barney Frank and Senator Chris Dodd on this important legislation.”