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




    HOUSING PACKAGE IMPORTANT TO BOOST ECONOMY AND STABILIZE MARKET

  (Mr. WU asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WU. Mr. Speaker, the housing crisis has devastated millions of 
American families who have lost their homes, but the crisis doesn't end 
there. Experts predict that housing foreclosures could reduce overall 
economic activity by over $160 billion this year thanks to sharp 
declines in real estate, the construction industry, and in consumer 
spending.
  The slump in the real estate market is hurting manufacturers, 
construction firms and other businesses that have been forced to lay 
off thousands of workers. Ending the foreclosure crisis is vital to the 
American economy, our economic recovery, and to Americans who are 
hurting. And that is why it is so important that this Congress pass the 
bipartisan housing package that we are presenting this week. It 
reported out of the Financial Services Committee by both Republicans 
and Democrats and sent to this floor for our consideration.
  Mr. Speaker, serious problems with subprime mortgages have pushed the 
housing market into its worst slump in decades, weakening the economy 
and making American families less secure. The package of bills we are 
presenting today will help stabilize the housing industry and give the 
American economy the boost it so sorely needs. And I urge every Member 
of the House to support these much-needed bills.

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