[Congressional Record (Bound Edition), Volume 154 (2008), Part 5]
[House]
[Page 6678]
[From the U.S. Government Publishing Office, www.gpo.gov]




             WE NEED TO SUPPORT CHAIRMAN FRANK'S COMMITTEE

  (Mr. MORAN of Virginia asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. MORAN of Virginia. Mr. Speaker, I rise to recognize the Banking 
Committee under the leadership of Chairman Barney Frank who, this week, 
will take us in the direction that this Congress needs to lead the 
country. They will mark up a bill that will establish a substantial 
pool of funds that will enable local governments to be able to purchase 
foreclosed properties and turn them into affordable housing for 
families desperately in need of housing they can afford in this 
economy. They will also help families that are on the cusp of losing 
their homes to be able to keep their homes. This is so important.
  Mr. Speaker, as many as 7 million families will lose their homes by 
the end of this year. In fact, mortgage defaults are up by 72 percent. 
Local governments will lose $7 billion in property tax revenue that 
they desperately need for public safety and roads and all of the other 
municipal services that are so important.
  We are on the cusp of a recession. We need to act quickly and 
comprehensively to do the right thing. Chairman Frank's committee is 
doing the right thing. We need to support them.

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