Senator Durbin Statement on Passage of Housing Stimulus Package

April 10, 2008 -- WASHINGTON, DC – United States Senator Dick Durbin (D-IL) issued the following statement today, after the Senate passed the Foreclosure Prevention Act, which makes important strides in stemming the effects of the current housing crisis.

“I’m pleased that the Senate is addressing the housing. While it is not a perfect bill, it is a recognition that this is a crisis which is not capable of healing itself.”

“We need to do more. Future housing bills should focus on preventing foreclosures not on propping up home builders and big lenders. The Senate needs to give homeowners every tool we can to stay in their homes – including the opportunity to modify the terms of the mortgage in bankruptcy courts. Doing so will help stabilize the housing market, the credit market and the economy as a whole.”

The Foreclosure Prevention Act modernizes the Federal Housing Authority, assists communities devastated by foreclosures, provides pre-foreclosure counseling for at risk homeowners; enhances mortgage disclosure forms; increases mortgage revenue bonds; and provides a tax credit for the purchase of a home in foreclosure.

Also today, the Senate Judiciary Committee reported out Senator Durbin’s mortgage bankruptcy bill, the Helping Families Save Their Homes Act, which will allow over 600,000 at risk home owners keep their home by allowing them to alter the terms of their mortgages in bankruptcy.

Durbin’s bill has the support of: AARP, ACORN, AFL-CIO, Center for Responsible Lending, Central Illinois Organizing Project (CIOP), Consumer Action, Consumer Federation of America, Consumers Union, Credit Union National Association, DEMOS, International Union, United Auto Workers, Leadership Conference on Civil Rights, National Association for the Advancement of Colored People (NAACP), National Association of Consumer Advocates, National Association of Consumer Bankruptcy Attorneys, National Association of Federal Credit Unions, National Community Reinvestment Coalition, National Consumer Law Center (on behalf of its low-income CLIENTS), National Council of La Raza, National Fair Housing Alliance, National Neighborworks, National Urban League, National Women’s Law Center, Opportunity Finance Network, and Service Employees International Union (SEIU).

Source: Senator Dick Durbin

Bookmark/Search this post with:

 •    •    •    •    •    •    •    •    •    •    •    •