[Congressional Record Volume 155, Number 39 (Thursday, March 5, 2009)]
[Extensions of Remarks]
[Page E580]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             HELPING FAMILIES SAVE THEIR HOMES ACT OF 2009

                                 ______
                                 

                               speech of

                          HON. JOHN B. LARSON

                             of connecticut

                    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. LARSON of Connecticut. Mr. Chairman, I rise today to express my 
support for H.R. 1106: Helping Families Save Their Homes Act of 2009. I 
want to thank all of the members who worked tirelessly on this bill as 
well as the President for making this a priority in his plan to help 
families stay in their homes.
  Our country is faced with enormous challenges and every community has 
felt the effect of this economic downturn. Digging ourselves out of the 
hole we have been left will not be easy and will require difficult 
choices.
  The housing crisis is not only at the root of the economic crisis we 
currently face, but continues to be a problem for millions of families 
facing difficulties in paying their mortgages. In Connecticut there 
were over 25,000 foreclosure filings in 2008, which was an increase of 
84 percent over the previous year. Already in January of this year 
there have been more than 1,600 foreclosure filings in the state, 
including 387 in Hartford County alone.
  This bill will go a long way to decreasing foreclosures and keeping 
families in their houses. It helps provide opportunities for families 
to refinance or modify their mortgages and ensures fairness in our 
bankruptcy courts for homeowners who face this option as their last 
resort. By allowing bankruptcy judges to modify the terms of mortgage 
loans, we will give homeowners the same opportunity that others have to 
restructure their loans for vacation homes. The bill also contains 
fixes to the Hope for Homeowners program that will provide more 
incentives for servicers to refinance mortgage loans and reduce fees 
for participating in the program. Finally, by permanently increasing 
federally insured deposits from $100,000 to $250,000 we will help 
restore confidence in our financial system.
  This recovery will require a number of steps and this legislation is 
the next step in getting America back on track. I again want to express 
my support for this bill and urge my colleagues to vote for its 
passage.

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