[Congressional Record (Bound Edition), Volume 154 (2008), Part 11]
[Senate]
[Page 14923]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            VOTE EXPLANATION

  Ms. STABENOW. Mr. President, on Friday, July 11, 2008, I regrettably 
missed a vote on H.R. 3221 due to a prior commitment in Michigan. If I 
had been present, I would have voted for Record vote No. 173, the 
motion to disagree to the amendments of the House adding a new title 
and inserting a new section to the amendment of the Senate to H.R. 
3221. This represented the final hurdle in passing the much-needed 
Housing and Economic Recovery Act of 2008. I strongly support this 
bipartisan, comprehensive bill to address the root of our economic 
problems--the housing crisis. This bill would strengthen the regulatory 
oversight of government sponsored enterprises, GSEs, and provide FHA 
modernization reforms to help stabilize the housing finance system and 
begin to restore confidence to the market. The bill's Hope for 
Homeowners FHA refinancing program would help as many as 400,000 
homeowners at risk of losing their homes to foreclosure. It also 
includes foreclosure counseling for families in desperate need of help, 
assistance for communities hit by foreclosures, an affordable housing 
trust fund, provisions to help returning soldiers avoid foreclosure and 
important tax benefits targeted to help the recovery of the housing 
market. I am especially pleased that the package includes my provision 
to allow struggling American businesses to invest in the economy and 
create jobs here at home. This bill is an important first step in 
helping struggling families in Michigan and throughout the country. I 
look forward to the swift enactment of this legislation to provide 
relief to homeowners and to uphold the American dream for all.

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