Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON, DC – Today Congressman Dennis Cardoza expressed strong support for a plan being considered by the Treasury Department that would allow homeowners in foreclosure to obtain a 30-year mortgage at a 4.5 percent fixed rate. Congressman Cardoza, whose district has the highest foreclosure rates in the country, further demanded the Treasury Department immediately look into expanding this program to all American homeowners. 

“For months I have said that the housing crisis has ballooned far beyond just the subprime market, and we must quickly implement a response that is just as far-reaching,” he said, adding that allowing all homeowners to have access to the long-term, fixed-rate mortgages would immediately stabilize the housing industry and help turn the economy around. “While the Treasury plan is a first step, we need a program that deals with the housing crisis at its source and in a comprehensive way. I strongly urge the Treasury Department to make it available to as many Americans as possible – as soon as possible.”

Congressman Cardoza further reiterated that the program must be made available to all American homeowners regardless of their foreclosure status. Those homeowners, he said, who have been responsible and paid their mortgages every month should receive the benefit of a lowered mortgage, as should those who need assistance meeting the demands of their mortgages.

“By lowering the monthly payments, we will essentially be giving each homeowner a stimulus check by putting more money in their pocket and without placing a burden on the Treasury or the taxpayer,” Congressman Cardoza said.