[Congressional Record (Bound Edition), Volume 158 (2012), Part 2]
[House]
[Page 1485]
[From the U.S. Government Publishing Office, www.gpo.gov]




    COMMENDING THE PRESIDENT'S PLAN TO HELP RESPONSIBLE HOMEOWNERS 
                         REFINANCE THEIR HOMES

  (Mr. FALEOMAVAEGA asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. FALEOMAVAEGA. Mr. Speaker, the housing crisis plunged our economy 
into a recession that we are still struggling to overcome. 
Homeownership is at the heart of the American Dream, and yet over 10 
million American families now owe more on their home than what it's 
worth. President Obama recently announced a plan that would give 
homeowners the chance to save hundreds monthly and approximately $3,000 
yearly on their mortgages by refinancing at historically low interest 
rates.
  Under President Obama's plan, the administration would also expand 
the eligibility for the Home Affordable Modification Program to 
borrowers with higher debt loans. It would also triple incentives paid 
to banks to reduce principal on loans and to help borrowers rebuild 
equity. In addition to these proposals, the administration is also 
extending HAMP to December 2013 to help responsible homeowners lower 
their costs and stay in their homes.
  Mr. Speaker, I thank President Obama for his proposal that will 
provide much-needed relief for millions of American families. And I 
thank the President for his leadership and his commitment to helping 
American families move forward.

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