[Congressional Record (Bound Edition), Volume 155 (2009), Part 5]
[House]
[Page 6369]
[From the U.S. Government Publishing Office, www.gpo.gov]




             PASS THE HELPING FAMILIES SAVE THEIR HOMES ACT

  (Mrs. CAPPS asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Mrs. CAPPS. Mr. Speaker, by now we all know what a central role the 
housing market crisis has played in our economic troubles. The housing 
meltdown is devastating for families and communities, particularly for 
innocent families who have lived within their means and paid their 
mortgages on time. Through no fault of their own, their home values are 
eroding and their life savings are threatened. That's why we must pass 
the Helping Families Save Their Homes Act. It restores fairness to the 
bankruptcy system.
  Current law allows loan modifications for vacation homes and yachts, 
yet prohibits them for primary residences. This bill will end this 
inequity. It also fixes the Hope for Homeowners program to increase 
mortgage modifications and reduce foreclosures. It is not about bailing 
out lenders or borrowers who made irresponsible decisions, it is, 
rather, finding fair and effective solutions to stabilizing the housing 
crisis and stabilizing the market.
  Mr. Speaker, this legislation is also needed to get our country back 
on track. I urge my colleagues to vote for a stronger economy and vote 
for this bill.

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