[Congressional Record (Bound Edition), Volume 155 (2009), Part 3]
[HOU]
[Page 3634]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         SAVING AMERICAN HOMES

  (Mr. KUCINICH asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KUCINICH. According to today's Wall Street Journal, 
moodyseconomy.com claims that nearly 5 million families could lose 
their homes to foreclosure between 2009 and 2011. Now is the time for 
our government to take a controlling interest in mortgage-backed 
securities, and then direct loan modification, lowering principal and 
interest rates, extending terms of payment, keeping people in their 
homes.
  Banks are not lending money; they are hoarding money, because they 
fear their own balance sheets understate their losses. Instead of 
giving the banks more of taxpayers' money in the hopes that banks will 
loan the money to keep people in their homes, the government must take 
charge to save the homes of so many American families, again, take a 
controlling interest in mortgage-backed securities and direct loan 
modification. Keep people in their homes. The banks will get their 
money as well. It is time to stand up for the dream of American home 
ownership by saving the homes that are in jeopardy.

                          ____________________