[Congressional Record (Bound Edition), Volume 158 (2012), Part 1]
[House]
[Page 835]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     PROMPT SHORT SALE DECISION ACT

  (Mr. McNERNEY asked and was given permission to address the House for 
1 minute.)
  Mr. McNERNEY. Mr. Speaker, I rise to advocate an aggressive response 
to the housing crisis.
  Last year, 30 percent of California homeowners with mortgages were 
underwater. That's one of the highest rates in the country. To improve 
our economy, we must fix the broken housing market. Large banks simply 
wait out short-sale offers, which kills the process.
  Back home, I hear from people who are trying to secure short sales 
and have to wait for months or longer to get a decision from their 
lender. That's absolutely unacceptable. Banks need to treat people 
fairly, which is why I'm a cosponsor of H.R. 1498, the Prompt Decision 
for Qualification of Short Sale Act. This is a bipartisan bill that 
requires lenders to make a decision within 45 days to approve or 
disapprove a short sale. This bill simply makes sure that prospective 
homeowners receive a decision from their banks in time to be useable.
  I ask my colleagues to join me in supporting this legislation so we 
can break up the housing market logjam.

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