Comprehensive Housing Reform

COMPREHENSIVE HOUSING REFORM -- (House of Representatives - May 06, 2008)

(Mr. HODES asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. HODES. Madam Speaker, there's no doubt that the housing crisis and the consumer credit crunch are getting worse. Last week, we learned that the number of homes facing foreclosure more than doubled from last year. In my home State of New Hampshire, foreclosures have increased nearly 96 percent.

That is why it is so important that Congress pass the comprehensive housing package that is coming to the floor this week. The legislation is the most innovative and comprehensive solution to the housing crisis yet. It will give relief to the millions of working families struggling to pay their mortgage with the rising price of gas and food. It would help nearly 1.5 million Americans in need. Our package would also offer assistance to State and localities to purchase and rehabilitate foreclosed properties.

Madam Speaker, our economy cannot rebound unless we act now to give relief to millions of Americans in need. We have a bold proposal to take this decisive action. I certainly hope that my colleagues on the other side of the aisle understand the urgent need and that we will receive bipartisan support for this proposal.

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