EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007 -- (House of Representatives - September 18, 2007)
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Mr. BACA. Madam Chairman, I rise to express my strong support for H.R. 1852, the Expanding American Homeownership Act of 2007. This bill updates the FHA program so it can provide better mortgage options to low and moderate income families and minorities. This is important because the FHA program has not kept up with the needs of underserved communities, especially those in high cost areas like California. As a result, many families have turned to high cost and riskier subprime loans.
Because of the high number of subprime loans granted in the last few years--our Nation is now in a home foreclosure crisis. The Inland Empire has the fourth highest rate of foreclosure filings in the Nation and comprised the hardest hit area in California through the first half of 2007. According to the Neighborhood Housing Services of the Inland Empire, in San Bernardino County alone there were over 19,000 foreclosure filings in the first half of 2007. The current median home price in San Bernardino County is only affordable for 2 out of every 10 families.
H.R. 1852 will raise the FHA loan limit so that these hard-working families get a fair chance at getting a better deal for their home. The reforms in H.R. 1852 will allow the FHA program to reach into these underserved communities to provide low and moderate-income buyers a better deal at a fair price.
Again, Madam Chairman, I express my full support of this bill and urge my fellow colleagues to adopt its final passage.
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