[Congressional Record (Bound Edition), Volume 154 (2008), Part 11]
[Extensions of Remarks]
[Page 15470]
[From the U.S. Government Publishing Office, www.gpo.gov]




  PROMOTING HOMEOWNERSHIP AND FAIR LENDING PRACTICES FOR ALL AMERICANS

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                         HON. ALCEE L. HASTINGS

                               of florida

                    in the house of representatives

                        Thursday, July 17, 2008

  Mr. HASTINGS of Florida. Madam Speaker, I rise today to introduce a 
concurrent resolution calling on Congress to support the goal of 
increased and sustainable homeownership in the United States. It is 
absolutely vital that Congress recommit itself to the importance of 
homeownership programs, fair lending laws, and fair housing laws in 
achieving the goal of homeownership.
  My legislation has been updated from its previous introduction as H. 
Con. Res. 107 of the 109th Congress to reflect the current status of 
the housing market and the enduring need to improve access to 
homeownership. Once again, this resolution would put Congress on record 
recognizing fair lending and housing laws enacted to prevent and combat 
discriminatory practices which undermine homeownership efforts for all 
Americans.
  Today, the current foreclosure crisis is a major stumbling block on 
the road to homeownership. Many are finding it increasingly difficult 
to achieve the American Dream of homeownership, which was beyond reach 
even before the emergence of our current crisis. When it comes to the 
health and vitality of America's communities, affordable housing is 
key. Congress has a responsibility to foster and promote an active, 
growing, and fair housing market in light of the significant stress 
this market experienced in 2007 and 2008. Most Americans' primary 
investment is in their home, and homeownership is the most common way 
for families to build and pass on wealth from one generation to 
another.
  This resolution recognizes how important the establishment of 
homeownership programs and fair lending and housing laws have been to 
equalizing access to homeownership for all Americans. In particular, 
eliminating the disparities in homeownership rates between white 
families and minority families continues to be a goal of critical 
importance. In 2008, the homeownership rate for white Americans was 72 
percent, but the rate was only 47.2 percent for African Americans and 
49.7 percent for Hispanic Americans. With almost 4,000,000 fair housing 
violations occurring annually, we must continue to support efforts 
aimed at ensuring that all Americans have the opportunity to own a 
home.
  This resolution also recognizes the detriment of predatory lending 
practices, which principally occur in the subprime market, and their 
contribution to the housing market's worst slump in 16 years. As many 
as 2 million Americans will see their mortgage rates increase in the 
next 2 years. We must address the plight of borrowers victimized by 
predatory lenders and high priced mortgage alternatives by advocating 
consumer protections against abusive practices.
  Madam Speaker, I first introduced this legislation with a number of 
my colleagues in 2005 and eventually garnered the support of 31 
cosponsors. To once again express the commitment of Congress to 
promoting homeownership, I have made a few key updates to this 
legislation. They reflect the current status of the housing market 
marred by the residual impacts of predatory lending practices, 
primarily in the sub-prime loan market. This legislation has also been 
updated to recognize specific initiatives to stem the rise of 
foreclosures.
  Madam Speaker, I thank my friends who have joined me today to 
introduce this legislation, as well as the National Fair Housing 
Alliance, Fair Housing Center of the Greater Palm Beaches, and the 
Congressional Black Caucus Foundation, all of which have endorsed the 
resolution. I encourage my colleagues to support this necessary 
legislation and look forward to its expedient passage.

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