[Congressional Record Volume 155, Number 69 (Wednesday, May 6, 2009)]
[House]
[Page H5171]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             HOUSING CRISIS

  (Mr. SIRES asked and was given permission to address the House for 1 
minute.)
  Mr. SIRES. Madam Speaker, the current housing crisis has had 
devastating consequences for homeowners in communities throughout New 
Jersey and the country. Our Nation is faced with the highest 
foreclosure rate in 25 years. Millions of families may lose their homes 
to foreclosure this year because too many lenders approved loans that 
homeowners could not afford to pay.
  By passing H.R. 1728, the Mortgage Reform and Anti-Predatory Lending 
Act of 2009, we have an opportunity to curb abusive and predatory 
lending. Specifically, the bill outlaws many of the destructive 
industry practices that marked the subprime lending boom in the first 
place. It also establishes a simple standard for all home loans, 
ensuring that borrowers can repay loans they are sold. Finally, it 
protects tenants who rent homes that go into foreclosure.
  This legislation marks a critical step in the rebuilding process of 
our economy while providing the American consumers with the protection 
they deserve. For these reasons, I urge my colleagues to support this 
bill.

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