July 23, 2008

Congress To Vote On Housing Bill - Bush Says He Will Sign Bill Into Law

(WASHINGTON, DC) –Today, July 23, 2008, the House will consider the American Housing Rescue and Foreclosure Prevention Act of 2008. This comprehensive legislation will support homeowners facing foreclosure while strengthening the housing market and overall economy.

This bill will help a significant percentage of hard-working American families in danger of losing their home refinance into lower cost government-insured mortgages they can afford to repay.

“We are enthusiastic that the House Republicans have worked with Democrats to move quickly on this critical legislation,” said Rep. Gregory W. Meeks (NY-6). “Homeowners across America cannot afford to wait.”

The bill will assist neighborhoods hardest hit by the foreclosure crisis by providing resources to allow both cities and states to buy up and rehabilitate foreclosed properties that are currently driving down home prices, reducing state and local revenues, and destabilizing neighborhoods. This legislation will also include provisions to make assistance to Fannie Mae and Freddie Mac available if necessary.

“Congress has worked in a bipartisan way to craft an effective response to the housing crisis.” Meeks said. “President Bush did the right thing by abandoning his veto threat and pledging to sign this legislation into law.”

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