[Congressional Record Volume 154, Number 122 (Thursday, July 24, 2008)]
[Extensions of Remarks]
[Page E1551]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               HOUSING AND ECONOMIC RECOVERY ACT OF 2008

                                 ______
                                 

                               speech of

                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                        Wednesday, July 23, 2008

  Ms. ESHOO. Mr. Speaker, I rise today to express my strong support for 
H.R. 3221, the American Housing Rescue and Foreclosure Act of 2008. I 
salute Chairman Frank, Chairman Rangel and Senator Dodd for their 
leadership and their efforts to pass this crucial legislation at a time 
when American families desperately need our help.
  Families across the country are hurting. They're being squeezed by 
the price of oil, rising food costs, higher education costs and now the 
struggle to hold onto their homes. For most Americans their main asset 
is their home. That's why it is critical to end the foreclosure crisis 
which is fundamental to the recovery of our economy.
  My home State of California has been affected as badly as any State 
in our country. Foreclosures in the Bay area are at a 20-year high, and 
in Santa Clara County foreclosures are up 512 percent from a year ago. 
These troubling figures must change and that's why I support this 
legislation.
  H.R. 3221 aims to bolster American homeownership by helping families 
across the country facing foreclosure keep their homes. It also takes 
steps to ensure that homeowners do not face foreclosures in the future. 
Affordable mortgage loan opportunities for families and seniors are 
expanded through the modernization of the Federal Housing 
Administration, with FHA loan limits raised to create affordable 
mortgage loans for moderately priced homes. A permanent Affordable 
Housing Trust Fund is also created in this bill which will fund 
building projects throughout the Nation to increase the stock of 
affordable housing in both urban and rural areas. Tax credits for first 
time homebuyers and low income homeowners are also included in this 
legislation and all of these items are accomplished without creating 
any new burdens to the taxpayer.
  The bill provides a new and substantially strengthened regulator to 
oversee Fannie Mae, Freddie Mac and the Federal Home Loan Banks. It 
gives stand-in authority to the Treasury Department in case the 
Government Sponsored Entities, such as Fannie Mae, require temporary 
federal financial intervention without placing any new risk on the 
American taxpayer. This is not a bailout. Taxpayers will be the first 
in line to be paid back before any shareholders are. Restrictions have 
been placed on the stock gains for shareholders and on compensation for 
the executives of the Government Sponsored Entities until taxpayers are 
fully reimbursed.
  I'm proud to support this bill and I urge a ``yes'' vote on the 
underlying legislation.

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