[Congressional Record Volume 154, Number 105 (Tuesday, June 24, 2008)]
[House]
[Pages H5977-H5979]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH
Mr. CLEAVER. Mr. Speaker, I move to suspend the rules and agree to
the resolution (H. Res. 1271) recognizing National Homeownership Month
and the importance of homeownership in the United States.
The Clerk read the title of the resolution.
The text of the resolution is as follows:
H. Res. 1271
Whereas the President of the United States has issued a
proclamation designating the month of June 2008 as National
Homeownership Month;
Whereas the people of the United States are one of the
best-housed populations in the world;
Whereas owning a home is a fundamental part of the American
dream and is the largest personal investment many families
will ever make;
Whereas homeownership provides economic security for
homeowners by aiding them in building wealth over time and
strengthens communities through a greater stake among
homeowners in local schools, civic organizations, and
churches;
Whereas creating affordable homeownership opportunities
requires the commitment and cooperation of the private,
public, and nonprofit sectors, including the Federal
Government and State and local governments;
Whereas homeownership can be sustained through appropriate
homeownership education and informed borrowers; and
Whereas affordable homeownership will play a vital role in
resolving the crisis in the United States housing market:
Now, therefore, be it
Resolved, That the House of Representatives--
(1) fully supports the goals and ideals of National
Homeownership Month; and
(2) recognizes the importance of homeownership in building
strong communities and families.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Missouri (Mr. Clever) and the gentleman from Georgia (Mr. Price) each
will control 20 minutes.
The Chair recognizes the gentleman from Missouri.
General Leave
Mr. CLEAVER. Mr. Speaker, I ask unanimous consent that all Members
may have 5 legislative days within which to revise and extend their
remarks on this legislation and to insert extraneous material thereon.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Missouri?
There was no objection.
Mr. CLEAVER. Mr. Speaker, I yield myself 5 minutes.
The month of June is National Homeownership Month, and at a time of
growing concern about the foreclosure crisis affecting the lives of too
many Americans, Congress has responded with a bipartisan effort to
revitalize the housing market.
This year, the President, in one of the proclamations that actually I
think spoke for most Members of this body, as well as for most
Americans, said, ``For many Americans, owning a home represents
freedom, independence and the American dream.''
During National Homeownership Month, we highlight the benefits of
owning a home and encourage our fellow citizens to be responsible
homeowners. It is difficult to be a responsible homeowner at this time
because foreclosure filings last month went up nearly 50 percent
compared with a year earlier. Nationwide, this is unbelievable. 261,255
homeowners received at least one foreclosure-related filing in May.
That is up 48 percent from the same month last year, and up 7 percent
from April. Last week, the Mortgage
[[Page H5978]]
Bankers Association reported that about 2.5 percent of home mortgages
were in foreclosure during the first quarter of this year, almost
double the rate of a year earlier.
I was reading an article in the June 19 Washington Post which
suggests that 6.5 million loans will fall into foreclosure within the
next 5 years; 6.5 million loans. That means that 8 percent of all
homeowners in the United States will be impacted directly. That does
not count the people who live on the block where a home is foreclosed,
and in the urban core, anywhere around the country, that spells
disaster, because you will have a rundown property in an area that is
already undervalued by those who make declarations about the value of
property.
Nearly 74,000 properties were repossessed by lenders nationwide just
in May, while more than 58,000 received default notices. That is
according to the New York Times, June 14 of this year.
As a person who did not live in a real home until he was 14, I can
speak I think very clearly about the value of homeownership. I lived in
a house in Waxahachie, Texas, from the time I was born until I was
eight that had no running water, no electricity, no indoor plumbing. My
mother, father, three sisters and I lived in this shanty, which at one
time served as slave quarters.
We were able to move out of that when I was eight. We moved into
public housing. We lived in public housing until my father, working
about three jobs, sometimes four at the same time, could buy his own
home. He bought a home in a white neighborhood, and so he had to have
it moved to the black neighborhood.
That home meant everything to the six Cleavers who lived in it. It
meant so much that my father had converted this home into a palace that
we considered having been blessed to live in. His lawn can be compared
with the lawn of anybody in the country, and some of the neighbors even
make fun of him because if you drop a cigarette butt or a piece of
paper on the street anywhere near his home, it gets picked up.
Homeownership is valuable, and it does grant us a piece of the
American dream. But for many Americans, the American dream has become a
nightmare. The subprime lending crisis has devastated communities, but
let us not forget it has devastated individuals. 705,446 homes will
suffer price declines due to foreclosures nearby.
Mr. Speaker, tonight we lift up the value of homeownership, but we do
so with a commitment to do everything that we can possibly do to impact
the climate so that we can turn things around from the destructive way
in which this Nation is suffering.
The month of June is National Homeownership Month. At a time of
growing concern about the foreclosure crisis affecting the lives of too
many Americans, Congress has responded with a bipartisan effort to
revitalize the housing market. This year the President proclaimed,
``For many Americans, owning a home represents freedom, independence,
and the American dream. During National Homeownership Month, we
highlight the benefits of owning a home and encourage our fellow
citizens to be responsible homeowners.''
``Foreclosure filings last month were up nearly 50 percent compared
with a year earlier, according to one company's count released
yesterday.'' [Washington Post, June 19, 2008].
``Nationwide, 261,255 homeowners received at least one foreclosure-
related filing in May, up 48 percent from the same month last year, and
up 7 percent from April, foreclosure listing service RealtyTrac said.''
[Washington Post, June 19, 2008].
``Last week the Mortgage Bankers Association reported that about 2.47
percent of home mortgages were in foreclosure during the first quarter
of the year, almost double the 1.28 percent rate of a year earlier, and
the highest point since the group began compiling such figures in
1979.'' [Washington Post, June 19, 2008].
``A Credit Suisse report this spring predicted that 6.5 million loans
will fall into foreclosure over the next five years, reaching more than
8 percent of all U.S. homes.'' [Washington Post, June 19, 2008].
``According to the RealtyTrac report, one in every 483 U.S.
households received a foreclosure filing in May, the highest number
since RealtyTrac started the report in 2005 and the second straight
monthly record.'' [Washington Post, June 19, 2008].
``Nearly 74,000 properties were repossessed by lenders nationwide in
May, while more than 58,000 received default notices, the company
said.'' [New York Times, June 14, 2008].
At the end of the first quarter of 2008, there were an estimated 1.27
million properties in foreclosure in the United States. In addition,
there were approximately 350,000 subprime mortgages more than 90 days
delinquent where foreclosure proceedings had not yet begun.
The Center for Responsible Lending offers the following statistics
for Missouri: 42,727 foreclosures predicted for 2008-2009; 705,446
homes will suffer price declines due to foreclosures nearby; a $1.8
billion in home values/tax base; and $2,540 average decrease in home
value per unit affected.
``The Federal Housing Administration expects to lose $4.6 billion
because of unexpectedly high default rates on home loans.'' [New York
Times, June 10, 2008].
``One study estimates that in just 10 states (AZ, CA, FL, GA, IL, MA,
MI, MN, NV, NY), lost tax revenue in 2008 will total $6.6 billion due
to foreclosures.'' [Global Insight, The Mortgage Crisis: Economic and
Fiscal Implications for Metro Areas, November, 2007].
``Further, an estimated 524,000 fewer jobs are projected to be
created this year because of the foreclosure crisis.'' [Global Insight,
The Mortgage Crisis: Economic and Fiscal Implications for Metro Areas,
November, 2007].
Initiatives to help responsible homeowners keep their homes have been
launched. The Federal Housing Administration has created the FHASecure
program so that flexibility in refinancing mortgages for homeowners who
have good credit histories but cannot afford their current payments is
just one solution. Furthermore, the HOPE NOW Alliance connects
struggling homeowners with lenders, loan servicers, and mortgage
counselors to help families stay in their homes.
67.8 percent of Americans own their own homes [Census Bureau].
72.0 percent of Midwesterners own their own homes (the highest
percentage in the nation) [Census Bureau].
With an increase in age, comes an increase in homeownership.
Americans view homeownership as a mark of success, and as proof that
they have at least begun to realize the American dream. The purchase of
a first home is a symbol of stability, and often acts as a monument to
family life, which is the cornerstone of our culture.
Mr. PRICE of Georgia. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I rise today on behalf of Representative Gary Miller to
recognize the importance of homeownership in America and to commend him
on his resolution.
On May 29, 2008, President Bush designated June as Homeownership
Month, as he has done for the past 7 years. To complement this
designation, this resolution, H. Res. 1271, provides congressional
recognition of National Homeownership Month and the importance of
homeownership in the United States.
Owning a home is a fundamental part of the American dream and is the
largest personal investment most families will ever make. For millions
of families across this country, a home is more than just a symbol of
the American dream. It is the backbone of the American way of life.
{time} 2000
Despite all that's occurring in the housing market, we need to
remember that homeownership has historically been the single largest
creator of wealth for most Americans. Not only does homeownership
provide economic security by building wealth over time; it also
strengthens and builds communities. Affordable housing is vital to
resolving the current crisis the United States' housing market has in
preserving homeownership.
National Homeownership Month is a reminder of the importance of
housing issues in America. This bipartisan resolution, 1271, recognizes
the need for National Homeownership Month and for the overall
importance of homeownership in America.
I urge my colleagues to join me in supporting this resolution to
reinforce our commitment to housing opportunities and to help guarantee
the dream of homeownership for more American families.
I reserve the balance of my time.
Mr. CLEAVER. Mr. Speaker, I have no more requests for speakers. If
the gentleman from Georgia cares to bring another speaker at this time,
I would reserve the balance of my time.
Mr. PRICE of Georgia. I thank my friend for his comments earlier.
I want to, once again, commend Representative Miller for his
resolution. I
[[Page H5979]]
think it's important in the context of this discussion, however, to
make certain that the Nation understands and that our colleagues
appreciate that much work has been done to make certain that
individuals are able to remain in their homes. There are remarkable
programs that have helped, literally, millions of Americans remain in
their homes, programs that we strongly support and encourage the
expansion of.
So I want to, once again, commend my friend from California for
introducing this resolution, and I want to thank my friend for his
comments.
Ms. WOOLSEY. Mr. Speaker, the importance of homeownership can't be
underestimated. That's why I support H. Res. 1271, a bill to recognize
National Homeownership Month and the importance of homeownership in the
United States.
For most Americans, homeownership represents security for themselves
and their families. Unfortunately in recent months, homeownership (a
cornerstone of the American Dream) has been tarnished by an
unscrupulous mortgage industry that has trapped far too many families
into paying for homes they can't afford. In my district, all over
California, and across the country, we are seeing family after family
fall into foreclosure, as their dreams turn to dust, and they hand over
their prize possession to the bank.
So, as we consider this bill in support of homeownership, I think
it's important that we also don't forget the homeowner . . . those
past, present and future, who need the assistance of this Congress to
ensure they get a fair deal.
Mr. Speaker, it's my hope that those who vote in favor of this bill,
H. Res. 1271, will also join in passing real housing reform to bring
about systemic changes to help more Americans be able to achieve the
goal of owning their own home, on fair terms, at affordable prices.
Ms. JACKSON-LEE of Texas. Mr. Speaker, I rise in support of H.R.
1271, Recognizing National Homeownership Month and the importance of
homeownership in the United States, introduced by my distinguished
colleague from California, Representative Gary Miller. This timely
legislation helps to highlight the importance of ownership by
recognizing homeowners in the United States.
This legislation recognizes June 2008 as National Homeownership
Month. We should be very proud that the people of the United States are
one of the best-housed populations in the world. This phenomenon has
evolved because we are anchored in the belief that owning a home is a
fundamental part of the American dream and is the largest personal
investment many families will ever make. Homeownership provides
economic security for homeowners by aiding them in building wealth over
time and strengthens communities through a greater stake among
homeowners in local schools, civic organizations, and churches.
Creating affordable homeownership opportunities requires the commitment
and cooperation of the private, public, and nonprofit sectors,
including the Federal Government and State and local governments. In
2007, Texas ranked fourth behind California, Florida, and Illinois in
pre-foreclosures. Last year, Texas held the top seat for active
foreclosures.
This is why it is important that we reaffirm that homeownership can
be sustained through appropriate homeownership education and informed
borrowers. Affordable homeownership and maintaining the confidence and
morale of current homeowners will play a vital role in resolving the
crisis in the United States housing market: Now, therefore, I fully
support the goals and ideals of National Homeownership Month, and I
recognize the importance of homeownership in building strong
communities and families.
H. Res. 1271 recognizes homeowners and only homeowners, not
speculators or lenders. This legislation reminds us that we cannot
continue to stand by as the housing market continues to deteriorate.
U.S. home prices tumbled in April at the fastest rate since a widely-
followed index was begun in 2000 with all 20 metropolitan areas posting
annual declines for the first time. Texas reported 13,829 properties
entering some stage of foreclosure in April, a 16 percent increase from
the previous month and the most foreclosure filings reported by any
state. The state documented the nation's third highest state combined
foreclosure rate--one foreclosure filing for every 582 households.
Many homeowners in my district are worried about missing their next
house payment or their next home equity mortgage, or their interest
rate going up. These families are under stress and in constant fear of
loosing their homes.
This bill should not be the last word in housing legislation nor
should it be restricted to the status of symbolic rhetoric. The
American people need us to intervene in this housing crisis that is
leaving many undeserving families homeless. This bill coupled with
Congresswoman Maxine Waters' bill, H.R. 5818, the Neighborhood
Stabilization Act, provides a good starting point in providing
Americans with relief. We must never forget that many of the New Deal
programs under President Roosevelt were considered bailouts at that
time. And yet, these programs brought our country out of the
Depression, rejuvenated our economy, and gave hope as we sought to deal
with the War overseas.
We are spending billions of dollars on the war in Iraq. I support our
troops but I am dismayed at how our support for a war that needs to
become less military and more diplomatic in nature, has disrupted our
ability to take care of things at home. Thank you Madam Speaker for
your leadership in this area, I urge my colleagues to support
recognizing American homeowners by supporting H.R. 1271.
Mr. PRICE of Georgia. I yield back the balance of my time.
Mr. CLEAVER. Mr. Speaker, I have no additional speakers, and so I
yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Missouri (Mr. Cleaver) that the House suspend the rules
and agree to the resolution, H. Res. 1271.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. PRICE of Georgia. Mr. Speaker, I object to the vote on the ground
that a quorum is not present and make the point of order that a quorum
is not present.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the
Chair's prior announcement, further proceedings on this motion will be
postponed.
The point of no quorum is considered withdrawn.
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