[Congressional Record (Bound Edition), Volume 154 (2008), Part 5]
[House]
[Page 6280]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         IT'S NOT NEARLY ENOUGH

  (Mr. COHEN asked and was given permission to address the House for 1 
minute.)
  Mr. COHEN. Madam Speaker, as many as 2.8 million Americans could lose 
their homes in the next 5 years due to the subprime mortgage crisis, 
yet the Bush administration refuses to properly address the crisis.
  Last month the administration was willing to bail out Bear Stearns, 
but when they announced their plans to overhaul the regulation of 
financial institutions, they failed to properly address any of the 
needs of families who face the loss of their homes in the coming 
months.
  The housing crisis demands bold action, and this House has already 
responded by passing legislation that would expand affordable mortgage 
loans opportunities to families at risk of foreclosure.
  We've also passed bills that would raise Fannie Mae and Freddie Mac 
loan limits to increase liquidity in the mortgage market and that would 
increase the supply of affordable housing. And now we have a plan that 
would help 1.5 million homeowners afford foreclosure.
  Madam Speaker, we hope the administration will join us in supporting 
these important bills that will provide necessary relief to those 
families feeling the impact of the housing crisis.

                          ____________________