[Weekly Compilation of Presidential Documents Volume 43, Number 40 (Monday, October 8, 2007)]
[Page 1300]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on House of Representatives Passage of Mortgage Forgiveness 
Debt Relief Legislation

October 4, 2007

    In August, I proposed a comprehensive plan to help homeowners avoid 
foreclosures and stay in their homes. As part of this plan, I pledged to 
work with Congress in a bipartisan way to temporarily reform a provision 
of the Federal Tax Code to make it easier for homeowners to refinance 
their mortgages during this time of market stress. Today a bipartisan 
majority of the House of Representatives passed legislation to help 
people stay in their homes and move this process forward. I applaud the 
House's efforts. I urge the Senate to swiftly consider this legislation 
and make it temporary.

Note: The statement referred to H.R. 3648.