It is safe to say that no one in America will be untouched by the current crisis in home mortgages and the growing number of defaults.  Experts predict that over 2 million Americans (including more than 460,000 Californians) will lose their homes, and we all will be impacted by the reactions in the stock market, the number of abandoned houses that serve as magnets to crime, and the local government programs that will be delayed because of the lack of local tax revenues. 

Several bills have been introduced in the Senate to help ease the home mortgage crisis, and I am pleased to cosponsor several of them.  Of prime importance is new legislation, the Homeownership Preservation and Protection Act of 2007.  This bill is intended to protect American homeowners and prevent this disaster from happening again.  Because it contains several provisions, I invite you to learn more by using this link.

To give Californians a better understanding of the mortgage crisis, I am offering a special web feature to my constituents.  It includes some basic background, summarizes legislation that I am supporting to help deal with the crisis, and links to websites offering tips to those with mortgage problems.

Many experts say that we are now seeing only the beginning of the problems with home mortgages.  If you are concerned about your own loan, if you have friends or others who are at a loss about what to do about their situation, or if you just want to learn more about what caused this crisis and how we might avoid it deepening, I encourage you to visit my special feature at http://boxer.senate.gov/features/mortgage/

Sincerely,

Barbara Boxer
United States Senator