[Congressional Record (Bound Edition), Volume 154 (2008), Part 8]
[Extensions of Remarks]
[Page 11449]
[From the U.S. Government Publishing Office, www.gpo.gov]




       THE AMERICAN HOUSING RESCUE AND FORECLOSURE PREVENTION ACT

                                 ______
                                 

                           HON. BOBBY L. RUSH

                              of illinois

                    in the house of representatives

                        Wednesday, June 4, 2008

  Mr. RUSH. Madam Speaker, I rise today in support of H.R. 3221, the 
American Housing Rescue and Foreclosure Prevention Act.
  This legislation provides much needed mortgage refinancing assistance 
to combat the symptoms of our stressed, strained, and stagnant economy. 
H.R. 3221 provides relief and stability to hard working Americans who 
find themselves threatened with losing their homes.
  Specifically H.R. 3221 authorizes the Federal Housing Administration 
to provide lower cost government-backed mortgages for borrowers to 
avoid foreclosure. This bill is not intended to bail out borrowers; 
instead, it is a surefire way to sustain our economy by giving 
homeowners a chance to pay their loans in a reasonable and responsible 
manner. And provides financial counseling for families to remain in 
their homes and expands home loan opportunities for low-income families 
and veterans in high cost areas.
  This bill is what our communities need. Just in the great state of 
Illinois; out of 1.7 million serviced loans in 2007, already over 
500,000 are seriously delinquent or more than 90 days past due. It will 
insulate our neighborhoods from the effects of widespread foreclosures 
and crime. It will prevent our residents from experiencing the 
crippling hardships that are strongly associated with our struggling 
economy. And it will make the American dream of homeownership for all a 
reality instead of a nightmare.
  Madam Speaker, H.R. 3221 is critical at this time of economic 
uncertainty. I urge my colleagues to join me in support of this 
important legislation.

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