Washington, D.C.- “I am proud of my colleagues in the United States Congress and Members of the Congressional Black Caucus, for our aggressive advocacy behalf of American homeowners and future owners,” said Congresswoman Carolyn C. Kilpatrick (D-MI), Chairwoman of the Congressional Black Caucus. “The CBC has tirelessly worked with House Financial Services Committee Chairman Barney Frank (D-MA) to author a strong housing bill designed to create a safe haven for America’s beleaguered housing market. Today, the House passed a consensus bill which will provide    mortgage refinancing assistance to keep at least 400,000 families from losing their homes, expand the Federal Housing Assistance (FHA) program, and provide $180 million for financial counseling and legal assistance to help families remain in their homes.”

“This housing rescue package will help address our nation’s foreclosure crisis and improve our economy,” said Congresswoman Maxine Waters (D-CA), Chair, Financial Services Subcommittee on Housing and Community Opportunity. “It includes $4 billion dollars of vital funding to help states and localities purchase and rehab abandoned and foreclosed homes.  This funding has been a priority of the Congressional Black Caucus because we know that minority communities were targeted for high cost, predatory sub prime loans and African-American neighborhoods have been disproportionately affected by foreclosures.  Although President Bush made repeated veto threats, the support of CBC along with governors, mayors and housing advocacy groups made this victory for our communities possible.

"Today, the House stabilized the bedrock of the American dream of home ownership,” said Congressman Wm. Lacy Clay. “The American Housing Rescue & Foreclosure Prevention Act of 2008 will provide guaranteed backing for Fannie Mae & Freddie Mac, should they require it. It will also give millions of homeowners, who are in danger of losing their homes because of unsound and deceptive lending practices, a chance to refinance their homes into lower-cost, fixed-rate mortgages. Our bill will also help cities and states hit hardest by the foreclosure crisis, to buy and rehabilitate those homes. This legislation creates a much-needed new fund to boost the nation’s stock of affordable rental housing."

“Members of the Congressional Black Caucus are committed to working with all non-profit, public, and governmental organizations to rebuild our communities, strengthen our economy and make homeownership a viable option for all Americans,” concluded Chairwoman Kilpatrick.