News From… Congressman Dennis Cardoza
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Congressman Cardoza introduces bill to reduce
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FOR IMMEDIATE RELEASE January 7, 2008 |
CONTACT: Mike Jensen (202) 225-6131 |
WASHINGTON – Congressman Dennis Cardoza introduced legislation today that seeks to reverse the housing crisis by significantly reducing homeowners’ mortgage payments. Under the Housing Opportunity and Mortgage Equity (HOME) Act, all current homeowners and qualified borrowers could receive a fixed 4-percent interest rate with a fixed 30-year term. Congressman Cardoza said the legislation would benefit all homeowners and would-be owners. Many homeowners have faithfully paid their bill each month but have not been able to refinance their mortgage due to lost equity. Other homeowners are struggling to meet their payments. Such homeowners, and buyers, would be assisted through the legislation.
“Such government intervention would have been unimaginable a year ago,” said Congressman Cardoza of his legislation. “However, we have reached a situation where such action is vital. This legislation provides direct benefit to the economy, to homeowners and to banks. And it’s the only economic stimulus package that will provide the long-term housing and economic stabilization this country needs.” |
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