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On the Issues
Housing
The crisis in the subprime mortgage industry has damaged the U.S. economy and left far too many families in desperate situations. Foreclosure rates have increased dramatically, and some experts have projected that one out of five subprime loans issued in 2005 and 2006 will fail. With adjustable rate loans for approximately 1.8 million subprime borrowers due to reset, even more families face the possible loss of their homes.
I believe that the federal government must work together with state and local governments, the housing advocacy community, and the lending and real estate industries to minimize the impact of the mortgage crisis on American families. Congress has enacted legislation to expand financing options for troubled borrowers. The House has also passed measures to combat the abusive lending practices that have contributed to the housing crisis, and more legislation is in the works to increase the supply of affordable housing. (More on the Subprime Crisis.)
I also support strong efforts to ensure that every American family and individual has access to decent and affordable housing. This effort should include innovative incentives to promote homeownership, such as the mortgage interest tax deduction and revolving mortgage loan funds for low-income borrowers. But the government must also provide an effective safety net for those who have nowhere else to turn, especially our nation’s homeless.
As a member of the House Appropriations Subcommittee for Transportation and Housing and Urban Development, I will be working to support adequate funding for a broad range of programs designed to promote affordable housing, homeownership, and community development. We have a responsibility to work together to bring the American dream within reach for as many as possible.
Related Information
Community Development Block Grants
National Affordable Housing Trust Fund
Subprime Mortgage Crisis
CRS Report: Housing Issues in the 110th Congress
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