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U.S.
Senator Member: Finance, Agriculture, Energy, Ethics and Aging Committees |
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For Immediate
Release Saturday, July 26, 2008 |
CONTACT:Michael Amodeo – 303-249-5286 |
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| UPDATE: Senate Sends Housing Recovery Legislation to President's Desk Sen. Salazar: Bill Will Curb Foreclosures, Help Homeowners, and Bolster a Crumbling Pillar of the Economy WASHINGTON, DC - Today, United States Senator Ken Salazar hailed the Senate’s passage of H.R.3221, The Foreclosure Prevention Act, legislation that aims to stabilize the housing sector by providing meaningful and immediate assistance to families and communities affected by rising foreclosures, helping to stop the precipitous decline in home prices and home sales, and ensuring the availability of affordable home loans. The bill, which passed the Senate 72 to 13 and the House 272-152, now goes to the President’s desk for signature. “With 8,500 American families filing for foreclosure every day and the effects of the housing crisis dragging down the national economy, this legislation comes at a critical time,” said Senator Salazar. “The bill we passed today will get to the roots of the current crisis, deliver relief to homeowners and communities suffering the debilitating effects of rising foreclosures and plummeting home prices, and help preserve for future generations the American dream of home ownership. “This bill also gives the Treasury Department the authority they recently requested to shore up confidence in the government-sponsored enterprises that are central to our domestic mortgage market, while instituting stronger oversight mechanisms that will help prevent a similar confidence crisis in the future. In my view, this precautionary step was an appropriate way to ensure that Fannie Mae and Freddie Mac can continue to provide stable and affordable home financing to millions of American families. “We still have more work to do, and there are uncertain days ahead, but this bill will bolster one of the crumbling pillars of our economy. I am pleased President Bush has recognized the need for urgent action to defuse the housing crisis and has indicated his intention to sign this important legislation.” For a summary of The
Foreclosure Prevention Act, click
here.
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