[Congressional Record Volume 158, Number 22 (Thursday, February 9, 2012)]
[Senate]
[Pages S496-S497]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. HELLER:
  S. 2080. A bill to authorize depository institutions, depository 
institution holding companies, Fannie Mae, and Freddie Mac to lease 
foreclosed property held by such entities for up to 5 years, and for 
other purposes; to the Committee on Banking, Housing, and Urban 
Affairs.
  Mr. HELLER. Mr. President, when our Nation's economy was thriving, 
Nevada was at the heart of the construction boom. Buildings and homes 
were going up across the State. Neighborhoods were growing, schools 
were being built at record rates, and the construction industry was 
flourishing. All of this activity drove investments into other areas of 
the economy, and for many life was good in Nevada. But when the crisis 
hit, the highs that my State experienced were matched by the lows that 
followed.
  Nevada now leads the Nation in unemployment with more than 160,000 
Nevadans looking for a job. Many can no longer afford their homes. 
Nevadans are being forced into bankruptcy and facing foreclosure. While 
Nevada is home to some of the most resilient, hard-working people in 
the country, almost one-quarter of Nevadans are so frustrated that they 
have simply given up hope for better employment.
  Much of the difficulty Nevadans are experiencing can be traced back 
to the crisis in my State. The ill effects of the depressed housing 
market are widespread. High rates of foreclosures are devastating to 
families, neighborhoods, and entire communities. Families who have been 
foreclosed upon are already having a hard time paying their bills. Add 
to those difficulties the time spent finding a new place and the costs 
of moving and their problems are compounded. Time spent fighting the 
bank to avoid foreclosure and relocating would likely be better used to 
find a job or better paying employment.

  One of the biggest problems distressed home owners are facing is the 
programs that have been put into place to help keep people in their 
homes that have not lived up to expectations. My office spends a great 
deal of time with Nevadans on the cusp of losing their homes, looking 
for help, and trying to keep families in their homes. It is truly heart 
wrenching to hear some of these stories. These homeowners do not want 
to foreclose, and obviously they do not want to lose their homes.
  I recently received this e-mail from a constituent in Reno who is 
fighting to keep their home. I would like to share that with you.

       We hoped for a win-win situation but in the end all we got 
     was a nightmare in which everyone loses: my sister and I 
     obviously lose, our neighborhood loses as another house sits 
     vacant with a rusting metal sign in the front, our State 
     loses as the housing plight increases again, the bank loses 
     because they lose a customer who just needed another chance 
     and, most importantly, democracy loses as the plutocrats roll 
     over another family.

  When families move, their children often have to change schools. So 
now not only are children forced to move from their homes, they are 
also leaving behind their schools and their neighborhoods. This kind of 
destabilization is harmful for families who are already struggling.
  Consider the effects of foreclosures on neighborhoods and 
communities. The widespread availability of housing is flooding the 
real estate inventory in Nevada. This is forcing down home values and 
making it difficult for other people to sell their homes as well. In 
February 2006 the average home in Nevada was valued at $309,000. Today 
the home values have dropped to $120,000.
  Homes left vacant and uncared for can quickly become an eyesore, 
pushing low home values even lower. This means others in the 
neighborhood can have a difficult time selling their homes if they want 
to move. If they find a better job elsewhere, for example, they may not 
be able to take it because they cannot sell their homes for a 
reasonable price, if they are able to sell them at all.
  Today I am introducing legislation to help reverse these 
destabilizing forces. The bill I am introducing today, the Keeping 
Families in their Home Act, will help address large unsold housing 
inventories and give families a chance to stay in their homes. This 
bill would allow banks, Fannie Mae and Freddie Mac, to enter into long-
term leases, including an option to purchase properties acquired 
through foreclosure with the prior homeowner or any individual.
  By providing an opportunity for the homeowner to stay in their home, 
the bank is giving families a chance to regain sound financial footing. 
This commonsense solution helps provide some much needed stability is 
available for all families.
  While I believe this bill is a good step in the right direction, let 
me be clear: much more needs to be done to help the housing problems 
facing Nevada. The programs already in place simply have not done 
enough and have not lived up to expectations.
  I was pleased to see reports of growth in our economy, but people in 
my State continue to suffer. Back home Nevadans still believe there are 
no jobs. Small businesses are trying to survive while gridlock in 
Washington is making it harder for employers to know what is expected 
in the coming year. Crushing regulations are bringing Nevada's growth 
industries to a halt. In order for Nevada to experience real long-term 
recovery, Washington needs to fundamentally change the way it works. 
Congress needs to stop overspending. Republicans and Democrats should 
come together to close unfair loopholes and make the Tax Code easier 
for businesses to understand and to follow. This bill is just one 
solution to help turn around this housing crisis. It is also an idea 
that both Republicans and Democrats can support.
  I look forward to working with my colleagues to pass this bill and 
others into law so that we can help families dealing with foreclosures 
across the country. As I have said before, moving forward I welcome any 
and all ideas on how to fix the housing crisis in this country. 
Nevadans cannot afford to wait any longer.
  In the meantime, I urge my colleagues to seriously consider 
supporting this bill. This legislation can go a long way toward helping 
families, stabilizing neighborhoods, and stem

[[Page S497]]

any further reduction in home prices. I hope Senators will join me in 
this endeavor so the President can sign this bill into law and help 
families who badly need it.
                                 ______