[Congressional Record Volume 154, Number 75 (Wednesday, May 7, 2008)]
[House]
[Pages H3113-H3114]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    HOUSING PACKAGE IMPORTANT TO BOOST ECONOMY AND STABILIZE MARKET

  (Mr. ELLISON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. ELLISON. Mr. Speaker, every day between 7,000 and 8,000 people 
file for foreclosures on their homes. In the next 2 years, one in 33 
homeowners is projected to be in foreclosure as a result of subprime 
loans.

[[Page H3114]]

  But the housing crisis doesn't only affect families losing their 
homes. An additional 40 million neighboring homeowners could see their 
property values drop, with 44 percent of all homeowners likely to feel 
the ripple effect of foreclosures from subprime loans.
  And the overall impact does not end in the housing market. The ripple 
effects are felt throughout the economy with a reduction in economic 
activity and severe job loss.
  Mr. Speaker, we simply cannot turn our Nation's economy around 
without properly addressing the housing crisis, and that is exactly 
what we plan to do this week. Today, House Democrats will bring a 
package of housing bills to the House floor that will address the 
current housing crisis, while also seeking to prevent the problem from 
getting worse. These bills are the appropriate response to a problem 
that is affecting our families, our communities and our overall 
economy. I hope it receives the bipartisan support that it deserves, 
Mr. Speaker.

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