[Congressional Record Volume 154, Number 84 (Wednesday, May 21, 2008)]
[Extensions of Remarks]
[Pages E983-E984]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   FORECLOSURE PREVENTION ACT OF 2008

                                 ______
                                 

                               speech of

                        HON. NYDIA M. VELAZQUEZ

                              of new york

                    in the house of representatives

                         Thursday, May 8, 2008

  Ms. VELAZQUEZ. Mr. Speaker, let me first commend Chairman Frank and 
Chairman Rangel for their leadership in moving the American Housing 
Rescue and Foreclosure Prevention Act of 2008 forward. This is an 
intelligent and measured piece that addresses

[[Page E984]]

the devastating effects of the mortgage crisis. For years, Washington 
was asleep at the switch. But now, this Congress is addressing and 
preventing foreclosures.
  Nearly 650,000 foreclosure filings were issued in the first quarter 
of 2008, which represents 1 of every 194 households. Every day that 
goes by without action means more families are at risk of losing their 
homes.
  This crisis--like so many other components of the current recession--
hit low-income and minority neighborhoods the hardest. Each home lost 
to foreclosure affects entire neighborhoods. Chairwoman Waters' bill 
H.R. 5818--of which I am an original cosponsor--allows homeowners to 
fight back.
  I want to particularly highlight a provision I pushed to get added to 
this fine legislation. Many homeowners ended up in foreclosure because 
they didn't get sound mortgage advice. They need someone on their 
side--we all know the bank will be well represented. I am proud to have 
worked with Chairman Frank and several of my Financial Services 
Committee colleagues to ensure that low-income homeowners and veterans 
in high foreclosure areas have access to professional counseling. Many 
distressed homeowners need sound advice now more than at any other time 
in their lives. Our legislation provides the help they need.
  When a family loses a home to foreclosure, they lose more than four 
walls and a roof--they lose their economic stability. The housing 
package we are debating not only addresses immediate needs but is a 
solid strategy for preventing a future housing downturn.
  I urge a ``yes'' vote on the American Housing Rescue and Foreclosure 
Prevention Act.

                          ____________________