There are many statistical measures one may use to calculate the well-being of the average American. But the truth is, one must look no further than the middle class and the working poor to gauge how well our nation is doing. As a Member of Congress, I have the opportunity to vote on bills that make a difference.

Foreclosure Crisis

In February 2008, I hosted a foreclosure assistance workshop at the Renaissance Center Boys and Girls Club. The workshop provided homeowners concerned with rising mortgage payments or foreclosure with timely, confidential information and objective advice from trained counselors. The workshop was convened in light of the nationwide foreclosure crisis, which has hit hard in Memphis.

The Memphis metropolitan area’s foreclosure rate hit 2.1 percent in 2007, and the area landed at No. 13 among America's metropolitan areas, up from 14th in 2006. The area had 22,654 foreclosure filings on 11,291 properties -- an increase of 30 percent over 2006. This is also one percent above the national average of 1.033 percent of households filing for foreclosure. For the third quarter of 2008, the Memphis metro area had 5,150 foreclosure filings. This is nearly a 54 percent increase over the same period in 2007.

The House has passed several pieces of legislation that would address the foreclosure crisis and help the nation’s struggling economy, all of which I am proud to have voted for:

H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act

The bill increases the size of individual mortgage loans that Fannie Mae and Freddie Mac can purchase for loans originated between July 1, 2007, and Dec. 31, 2008. These enterprises would each be permitted to buy loans that are the lessor of 125 percent of an area's median price or $729,750 (the current loan limit is $417,000). For loans that received approval prior to Dec. 31, 2008, this measure would also temporarily increases Federal Housing Administration loan limits to the lessor of 125 percent of an area's median home price or $729,750 from the current loan limit of $362,000. (Signed into law Feb. 13, 2008). Additionally, the Economic Stimulus provided tax rebates.

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H.R. 1424, the Emergency Economic Stabilization Act

This is the financial bailout bill, which passed the House by a bipartisan vote of 263-171, with 91 Republicans voting in favor of the legislation. The bill is designed to stabilize the financial markets and free up credit for businesses and families by authorizing the Treasury Secretary to purchase illiquid assets. The bill also contains numerous taxpayer protections, including a recoupment provision to ensure taxpayers are repaid; homeowner protections; limits on excessive CEO compensation; and strong oversight and transparency.  It also raises the amount of bank deposits insured by FDIC from $100,000 to $250,000.  Additionally, the bill includes extensions of key tax relief provisions and tax incentives for renewable energy. (Signed into law Oct. 3, 2008).

H.R. 3221, the Housing and Economic Recovery Act

This legislation provides comprehensive mortgage refinancing assistance so that families in danger of losing their homes can refinance into lower-cost government-insured mortgages they can afford to repay, and would help at least 400,000 families avoid foreclosure, by a vote of 272-152, with 45 Republicans voting YEA.  The package, comprised of several House passed measures, also creates a federal backstop for Fannie Mae and Freddie Mac, which are crucial to the mortgage market.  This package also contains tax provisions to expand refinancing opportunities and spur home buying; establishes an independent regulator in charge of Fannie Mae and Freddie Mac; creates a new permanent Affordable Housing Trust Fund; raises FHA loan limits to create affordable mortgage loans for moderately priced homes and provides $3.9 billion in grants to state and local governments for purchasing and rehabilitating foreclosed homes (Signed into law July 30, 2008). 

H.R. 3648, the Mortgage Forgiveness Debt Relief Act

Excludes individuals who have all or part of their mortgage debt forgiven from tax liability for the next three years (Signed into law Dec. 20, 2007).

H.R. 1851, the Section 8 Voucher Reform Act

Reforms the Section 8 housing vouchers to make their allocation targeted more on need, increases access for rural families, and expands the number of families receiving vouchers. (Passed the House July 12, 2007 by a vote of 333-83).

H.R. 3355, Homeowners’ Defense Act

Allows states to combine their disaster risks together through a consortium and provides states with federal loans when damages exceed the resources of state-run catastrophe funds in order to stabilize the catastrophe insurance market and make catastrophe insurance more affordable for homeowners. (Passed the House Nov. 8, 2007 by a vote of 258-155).

H.R. 3524, HOPE VI Improvement and Reauthorization Act

Reauthorizes the successful HOPE VI program, which revitalizes severely distressed and obsolete public housing projects through FY 2015 and includes improvements. (Passed the House Jan. 17, 2008, by a vote of 271-130).

H.R. 3915, Mortgage Reform and Anti-Predatory Lending Act

Institutes preemptive reforms to prevent bad loans from being made in the first place; ensures that consumers get mortgages they can repay, strengthens consumer protections against reckless and abusive lending practices and gives consumers the ability to seek redress. (Passed the House Nov. 15, 2007 by a vote of 291-127).

H.R. 5772, Frank Melville Supportive Housing Investment Act

Would triple the number of new affordable, supportive housing units for low-income people with disabilities constructed each year. (Passed the House Sept. 17, 2008 by voice vote).
I have also cosponsored several additional pieces of legislation that would address affordable housing and economic development issues in our district and across the nation:

H.R. 43, the Brownfields Housing and Community Renewal Development Act

Amends the Housing and Community Development Act of 1974 to direct the Secretary of Housing and Urban Development to establish a grants program for redevelopment activities for brownfield sites and abandoned, idled, and underused industrial, commercial, or housing structures located in brownfield sites.
 
H.R. 840, Homeless Emergency Assistance and Rapid Transition to Housing Act

Amends the McKinney-Vento Homeless Assistance Act to consolidate housing assistance programs for homeless persons. It also requires the establishment of a community homeless assistance planning board for a geographic area to lead a collaborative planning process to design, execute, and evaluate programs, policies, and practices to prevent and end homelessness.

H.R. 1043, the Community Restoration and Revitalization Act

Provides an increased rehabilitation tax credit for low-income housing buildings.

H.R. 1985, the Minority Entrepreneurship Development Act

Amends the Small Business Act to establish within the Small Business Administration (SBA) an Office of Minority Small Business Development to promote SBA policies and programs that provide assistance to small businesses owned and controlled by minorities. The bill authorizes the SBA Administrator to make grants to eligible educational institutions to assist in establishing an entrepreneurship curriculum for undergraduate or graduate studies as well as a small business development center on campus.

H.R. 2578, the Empowerment Zone and Renewal Community Enhancement Act

Extends and expands the benefits for businesses operating in empowerment zones, enterprise communities and renewal communities.

H.R. 2902, the Middle Class Opportunity Act

Amends the Internal Revenue Code to double the child tax credit the first year a child is claimed, expand the dependent care tax credit and provide relief from the alternative minimum tax.

I have also introduced H.R. 3385, the National Homelessness Task Force Act. This legislation would call on Congress to establish a bipartisan task force to examine homelessness in the United States and make recommendations to alleviate its causes and effects.