[Congressional Record (Bound Edition), Volume 155 (2009), Part 16]
[Senate]
[Page 22070]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           FIX HOUSING FIRST

  Mr. ENSIGN. Mr. President, my home State of Nevada has seen 
devastating effects from this recession. The foreclosure crisis has 
turned neighborhoods across my State literally almost into ghost towns. 
I have long argued the crash of the housing market has been at the root 
of our economic crisis. We have to focus on fixing the housing problem 
in this country if we want the economy to turn around.
  In February, I offered a bill called the Fix Housing First Act. This 
would have fixed the housing problem; it would have turned the housing 
market around in this country. I believe it would have created jobs all 
across this country, including in my home State of Nevada.
  My Fix Housing First Act would have let American home owners 
refinance their mortgages at around a 4-percent interest rate in a 30-
year fixed mortgage. This would have meant an average of around $300 to 
$400 savings per month for the average homeowner in the United States 
and back in my home State of Nevada.
  Additionally, my bill included a provision, produced by Senator 
Johnny Isakson from Georgia, that was a $15,000 home buyer tax credit 
to incentivize home ownership. The tax credit would have been a 
stepping stone for our country to begin to come out of the housing 
crisis. While my bill was defeated along party lines, we were able to 
pass an $8,000 first-time home buyer tax credit, sponsored by myself 
and Senator Ben Cardin, from Maryland.
  Today I join my colleagues in a bipartisan manner to extend this 
$8,000 first time home buyer tax credit for another 6 months, until 
June of next year. Unless Congress acts, this $8,000 is set to expire 
at the end of November. There is evidence that is showing the tax 
credit is working. If we do not extend this tax credit, homes will not 
be saved, and they will likely go into foreclosure.
  We in the Senate need to act in a bipartisan fashion to extend the 
first-time home buyer tax credit of $8,000. It is the right thing to do 
to get housing back on the track, especially in States such as Nevada, 
Florida, California, and Arizona. These states are still suffering when 
it comes to the housing industry. Housing is at the root of a lot of 
the economic problems we have in this country.
  I encourage this body to act. Chairman Bernanke said the other day 
the recession is over. At 9.7 percent unemployment rate in this 
country, I don't think the recession looks to be over to those people 
still out of a job. My State of Nevada has over a 12-percent 
unemployment rate. Clark County, where Las Vegas is, has over a 13-
percent unemployment rate. I don't think folks living there think the 
recession is over.
  We need to continue to work to fix this economy, and this first-time 
home buyer tax credit is a good place to start.
  I yield the floor.

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