[Congressional Record Volume 155, Number 39 (Thursday, March 5, 2009)]
[Extensions of Remarks]
[Page E562]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             HELPING FAMILIES SAVE THEIR HOMES ACT OF 2009

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                               speech of

                          HON. JOHN D. DINGELL

                              of michigan

                    in the house of representatives

                      Thursday, February 26, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 1106) to 
     prevent mortgage foreclosures and enhance mortgage credit 
     availability:
  Mr. DINGELL. Mr. Chair, I rise today in support of H.R. 1106, the 
``Helping Families Save Their Homes Act of 2009.'' We are in the midst 
of the gravest recession in recent memory and hear daily of countless 
foreclosures across the Nation, particularly in my home state of 
Michigan. As President Obama mentioned during his address to the 
Congress last week, the federal government can and must pursue measures 
to mitigate the effects of this terrible economic blight upon the 
Nation's citizens.
  With the painful memories of the Great Depression still clearly in 
mind, I offer my wholehearted praise and support for the President's 
call to action. Additionally, as the representative of a congressional 
district with one of the Nation's highest foreclosure rates and most 
dramatic decline in housing values, I feel it imperative that we move 
swiftly to stabilize the housing market to keep people in their homes.
  H.R. 1106's provisions will do much toward achieving this goal. Its 
improvements to the Hope for Homeowners program and provision for a 
safe harbor to mortgage servicers that elect to participate in mortgage 
modifications will help stem the tide of foreclosures sweeping across 
the country. The bill's provision to make permanent the increase in 
federal deposit insurance from $100,000 to $250,000 will give Americans 
greater faith in the safety of their savings at a time of continued 
bank failures.
  I extend my heartfelt congratulations to my colleagues, 
Representatives Lofgren, Tauscher, and Cardoza, for their work to 
narrow the authority in this bill afforded to bankruptcy judges to 
modify the terms of a loan for primary residences. I believe that in 
keeping with the President's housing plan, we should adopt a targeted 
effort at stemming foreclosures to address the housing crisis.
  I urge my colleagues to support this legislation.

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