WASHINGTON, D.C. – Congresswoman Lois Capps today celebrated the enactment of bipartisan legislation, the American Housing Rescue and Foreclosure Prevention Act of 2008 (HR 3221), recently passed by Congress to help homeowners and communities tackle the growing housing crisis.  The measure also provides resources to help Fannie Mae and Freddie Mac confront recent financial challenges brought on by the housing crisis and to institute reforms to prevent future crises. 

“I’m so pleased the President has finally relented and joined the Democratic-led Congress in recognizing the crisis in our housing market and the need to provide help for homeowners and communities through this difficult period,” said Capps.  “Up and down the Central and South Coasts I have heard repeatedly from homeowners who are struggling to hold on to their most precious part of the American Dream – their home.  Perhaps even more tragically, the explosion in foreclosures hurts even those families who are not having problems keeping up with their mortgages.  Remember, each of the approximately 8,000 houses foreclosed on every day has a neighbor on both sides.  And an abandoned, foreclosed house hurts the home value and affects the quality of life of everyone in the neighborhood.  It’s important that we take this action now to help our families, communities, and financial institutions through this difficult period and to put in place new reforms to prevent these problems from happening in the future.” 

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Pictured above: (center) Congresswoman Capps meets with Central Coast firefighters to discuss emergency preparedness.