Legislation Approved to Stabilize Housing Market, Strengthen Economy
Thursday, May 8, 2008
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WASHINGTON, D.C. – House Majority Whip James E. Clyburn today released the following statement regarding House passage of H.R. 5818, the Neighborhood Stabilization Act of 2008 and H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008.
“The New Direction Congress has once again re-affirmed its commitment to help working Americans struggling to make ends meet by passing two comprehensive housing proposals that will assist families avoid foreclosure and stabilize our mortgage markets.
“H.R. 5818 establishes a $15 billion loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes. Furthermore, H.R. 3221 will modernize the Federal Housing Authority, provide crucial liquidity to our mortgage markets and strengthen our housing regulatory procedures. The centerpiece of the legislation helps families at risk of foreclosure refinance into lower-cost government-insured mortgages they can manage. These measures, which have bipartisan support, will begin to repair our economy and restore confidence in our housing markets.
“The failing housing market has sent shockwaves through our economy. This landmark housing legislation will help thousands of families keep their homes, stabilize our neighborhoods and strengthen the American economy.”
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