[Congressional Record (Bound Edition), Volume 153 (2007), Part 23]
[Senate]
[Page 31368]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         FHA MODERNIZATION ACT

  Mr. REID. Madam President, I am glad I had the opportunity to listen 
to my friend from Pennsylvania give this very well thought out and very 
important statement. It is important for our country and for the world. 
Thank you very much.
  Madam President, tomorrow, among other things, we will turn to 
consideration of the FHA Modernization Act, which has now been reported 
by the Senate Banking Committee. The bill enjoys wide bipartisan 
support, and for a good reason. It passed out of the committee by an 
overwhelming 20-to-1 vote.
  The reason we must act now is clear for all to see. Every day new 
evidence emerges, and the depth and severity of our country's subprime 
mortgage and foreclosure crisis is painted before our eyes. Hundreds of 
thousands of mortgages are now delinquent nationwide. This is leading 
to real pain and hardship for American families. The most alarming fact 
is, this could be just the beginning.
  This is why House and Senate Democrats announced earlier this year 
that we would address the subprime mortgage and foreclosure crisis 
comprehensively. I am pleased to say Democrats and Republicans have 
joined to work diligently toward that goal. Tomorrow, we bring the 
product of that hard work to the floor of the Senate.
  This modernization bill is one of several ways we plan to assist 
deserving families not with a handout or a bailout but with education 
and assistance to help them weather this storm.

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