[Congressional Record Volume 155, Number 49 (Monday, March 23, 2009)]
[Extensions of Remarks]
[Pages E734-E735]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 HELPING FAMILIES SAVE THEIR HOMES ACT

                                 ______
                                 

                             HON. PHIL HARE

                              of illinois

                    in the house of representatives

                         Monday, March 23, 2009

  Mr. HARE. Madam Speaker, I rise today in strong support of H.R. 1106, 
the Helping Families Save Their Homes Act of 2009.
  When I was a kid, my parents lost their house. My father became sick 
and could not keep up with the payments. Millions of Americans have 
suffered a similar fate during the current economic crisis and millions 
more are hanging on by a thread. We have a moral obligation to help 
prevent vulnerable homeowners from experiencing the same pain and 
suffering my family did.
  It is projected that nearly 4,000 homes in my congressional district 
will go into foreclosure this year with over 8,000 to follow in the 
next 4 years.
  H.R. 1106, the Helping Families Save Their Homes Act would provide 
lenders the incentive to refinance mortgages for homeowners in danger 
of foreclosure. It would reduce fees for refinancing and protect 
lenders from investor lawsuits. In addition, the bill would allow 
bankruptcy judges to modify the terms of a mortgage for homeowners who 
can no longer afford their payments. This provision will save an 
estimated 1,225 homes in my district.
  Millions of Americans have lost their jobs through no fault of their 
own. So it is no wonder that many cannot afford their house payments. 
Allowing working families to renegotiate the terms of their mortgage is 
both fair and responsible.
  Addressing the foreclosure crisis is key to our economic recovery. 
The mortgage meltdown got us into this mess, driving down home values 
and leaving our banks frozen with toxic assets. This legislation will 
protect homeowners and get our economy back on track. I urge my 
colleagues to vote yes on H.R. 1106 and help families save their homes.

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