[Congressional Record Volume 153, Number 70 (Tuesday, May 1, 2007)]
[Extensions of Remarks]
[Page E903]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         APPRECIATION OF FAIR HOUSING/FINANCIAL LITERACY MONTH

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                           HON. BOBBY L. RUSH

                              of illinois

                    in the house of representatives

                          Tuesday, May 1, 2007

  Mr. RUSH. Madam Speaker, April is both National Fair Housing Month 
and National Financial Literacy Month, and I rise today to acknowledge 
both of these important goals and to highlight a serious issue that 
both of the these areas address--home foreclosure
  Many of us have seen the recent reports of a skyrocketing increase in 
the number of foreclosures and of people losing their homes. Across the 
country thousands of families have had the American dream of 
homeownership snatched away.
  In the 1st Congressional District of Illinois, which I am privileged 
to represent, many of my constituents have fallen victim to increases 
in adjustable rate mortgages, high-cost home equity lines of credit, 
and predatory loans which have made their dreams of home ownership turn 
into nightmares.
  Homes in Chicago have entered into foreclosure at an alarming rate: 
currently, Chicago homeowners are in foreclosure at more than twice the 
national average. One in every 471 homeowners is in foreclosure: that 
compares with 1 in 1,030 for the Nation.
  In 2006, Cook County, Illinois had 19,522 foreclosures, up 35 percent 
from 14,506 in 2005 and above its peak of 18,612 in 2002.
  These are staggering statistics and they have a devastating effect on 
our neighborhoods. As foreclosures rise our communities diminish, local 
property values drop, people move out and vacant homes become magnets 
for crime.
  Madam Speaker, we must find solutions to the problem of home 
foreclosures that are in the best interests of lenders and financial 
institutions, local and state governments, and most critically, our 
families and communities.
  Homeownership is one of the principal tools by which families build 
generational wealth. If done wisely, a person may use their home to 
leverage financial dreams of entrepreneurship, property acquisition, 
and paying for higher education. But, in order to achieve these goals, 
consumers must have the tools of financial literacy.
  In conclusion Madam Speaker, Congress must put the tools of financial 
literacy into the hands of all people and create fair housing policies, 
that protect consumers from the pitfalls of financial ruin and 
foreclosure.
  I encourage my colleagues to use Financial Literacy and Fair Housing 
Month as a catalyst for immediate passage of federal predatory lending 
measures that put people before profit.

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