Today's National Debt: $9,536,037,416,894.06
Your Share: $31,325.80
Dear Friend,
This week I helped pass an important bill in the U.S. House of Representatives to assist homeowners who are struggling amidst a deteriorating housing market. The American Housing Rescue & Foreclosure Prevention Act (H.R. 3221) is the most comprehensive response yet to the American mortgage crisis and I was proud to support it to help families facing foreclosure keep their homes. This bill will also help the recovery of communities harmed by empty homes caught in the foreclosure process.
The centerpiece of this bill includes assistance for a significant number of hard-working American families in danger of losing their homes, allowing them to refinance into lower-cost government-insured mortgages they can afford to repay – at no cost to the American taxpayer. It will expand affordable mortgage loan opportunities for families, many of whom would otherwise turn to subprime lenders, and for seniors through expanded access to reverse mortgages through Federal Housing Administration reform.
In addition, this responsible legislation will expand homeownership opportunities for veterans and help returning soldiers avoid foreclosure and stay in their homes. It will also strengthen neighborhoods hardest hit by the foreclosure crisis by providing resources to allow cities and states to buy up and rehabilitate foreclosed properties that are currently driving down home prices, reducing state and local revenues, and destabilizing neighborhoods. It provides tax breaks to spur home buying, and it creates a new fund to boost the nation’s stock of affordable rental housing in both rural and urban areas for low and very low-income individuals and families.
Most Americans’ primary investment is in their home, and therefore, ending the foreclosure crisis is vital to our economic recovery. With working families, seniors and veterans across Arkansas hurting due to the increased cost of everything from groceries to record high prices at the pump, I was proud to help pass this bipartisan legislation to protect homeowners and homebuyers, and our larger economy.
Sincerely,
Mike Ross
Please remember that if you have issues related to the federal government such as Social Security, Medicare and veterans benefits, you can visit with staff from my office in a community near you. My office will host community office hours at the following locations, dates and times:
Redfield - July 30th at 9:00 a.m., at Redfield City Hall located at 212 N. Brodie.
Altheimer - July 30th at 11:00 a.m., at Altheimer City Hall located at 229 2nd Street.
Lake Village - July 30th at 2:30 p.m., at the Chicot County Courthouse located at 108 North Main Street.
Mike is presented with the U.S. Chamber of Commerce’s prestigious “Spirit of Enterprise” award for his strong support of the business community in 2007. Mike received the award from Carl E. Erhart, President of the Southwest Region of Verizon Communications, at a reception held at the Greater Hot Springs Chamber of Commerce.
