[Congressional Record (Bound Edition), Volume 154 (2008), Part 4]
[Senate]
[Pages 4466-4467]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             HOUSING CRISIS

  Mrs. MURRAY. Mr. President, over the last year, Americans across the 
country have watched as our economy has faltered, and for far too many 
families the economic downturn has hit home in the form of a 
foreclosure. This is a time when we badly need a strong and effective 
response from the administration led, in part, by the Department of 
Housing and Urban Development.
  But instead of helping the millions of families who are struggling to 
stay above water, HUD has been almost constantly distracted by the 
ethical questions that have been facing its Secretary, Alphonso 
Jackson. Ten days ago, I felt the problem had reached a breaking point, 
so I called for Secretary Jackson's resignation. Today, Mr. Jackson 
announced he has decided to move on, and President Bush must now 
nominate a new Housing Secretary with the experience and the 
credibility to attack this crisis rather than hide from it.
  Mr. President, I hope this development is a sign that the 
administration wants to finally make the needs of American families a 
priority. I hope it is a sign that the administration wants to work 
with Congress on a meaningful response to the crisis that has swept 
across this Nation. I hope President Bush will change his position and 
support our effort to pass legislation that will help millions of 
families who are facing foreclosure today.
  This week, we will give President Bush and the Republican Senators 
that chance again as we take up the Foreclosure Prevention Act for the 
second time this year. Until now, it seems that some on the other side 
of the aisle have been more responsive to Wall Street than Main Street.
  So I hope my colleagues who were home over the break have listened, 
as I have, to the concerns of their constituents and have now returned 
ready to work and address our Nation's housing crisis. This truly is a 
crisis. I wish to spend a couple minutes talking about why we have to 
take action now.
  As many as 2 million American families are going to lose their homes 
to foreclosure this year. Each foreclosure represents a family whose 
dream of a comfortable home and secure future has been dashed. Each 
foreclosure weakens the foundation of our entire economy and our 
communities. Foreclosures have left our neighborhoods full of vacant 
homes. Foreclosures have left our families distressed and troubled, and 
communities are now reporting a higher crime rate as a result of this 
crisis. State and local governments are seeing their tax revenues drop 
even as their needs are piling up. We in Congress can help prevent this 
by investing in our communities and providing support for families who 
risk losing everything.
  The Foreclosure Prevention Act would make changes in bankruptcy laws 
so that more financially troubled families could keep their homes. It 
would change lending laws to prevent more borrowers from accepting 
terms they don't understand and cannot afford. It would provide an 
additional $200 million to help housing counselors continue to reach 
out to families who are at risk of foreclosure.
  I wish to focus on the last point because it is extremely important. 
Too many homeowners today don't know they can get help when they get 
behind on their mortgage. Too many of them don't contact their lender 
when they miss their first payment. Too many are just intimidated or 
don't feel they can trust anyone. The Foreclosure Prevention Act would 
give counseling agencies the resources they need to reach out and let 
borrowers know they have options. Counseling can help families 
negotiate with their lenders, readjust their payments, or learn how to 
budget their expenses better.
  Last month, I had the opportunity to meet a single mother from Ohio. 
She had fallen on hard times which, in turn, led her to fall behind in 
her mortgage. Luckily, with housing counseling made possible by 
NeighborWorks America, she and her children were

[[Page 4467]]

able to stay in their home. She explained to me that when she got 
behind, she was simply overwhelmed; she didn't know what to do. She 
said this is not something about which they teach you in school.
  Our economic health in this country depends on Americans having a 
safe and stable place to live and raise their families. We want every 
family to know there is help out there. The Foreclosure Prevention Act 
would help make sure families that risk losing everything get the help 
they need before it is too late.
  Across this country, people are worried about whether they are going 
to be able to keep their homes, whether their jobs will be eliminated, 
and how they are going to pay for health care when they or their 
children get sick. These are real families, and these are real 
communities in need of help.
  We need to pass this reform immediately. Americans want action. We 
wanted to pass it last month, and we were stopped by Republican efforts 
to block this bill. So I hope now, as we have returned from the recess, 
President Bush and our Republican colleagues will support our efforts. 
I hope they will come with us tomorrow, stand with us, and pass 
meaningful reform that will give homeowners the help they need, allow 
them to keep their homes, give their families hope, and ultimately make 
our communities strong again.
  Mr. President, I yield the floor and suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Ms. MURKOWSKI. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Ms. MURKOWSKI. Mr. President, I ask unanimous consent to speak in 
morning business for as long as I may need.
  The PRESIDING OFFICER. Without objection, it is so ordered. The 
Senator from Alaska is recognized.

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