VOTE ``YES'' ON THE DEMOCRATIC HOUSING PACKAGE -- (House of Representatives - May 07, 2008)
(Mr. SIRES asked and was given permission to address the House for 1 minute.)
Mr. SIRES. Mr. Speaker, today the House will begin debate on the comprehensive housing package that will help families keep their homes, prevent foreclosures in the future, and help the recovery of communities left almost vacant by the housing crisis. Today, more than 3.5 million homes sit empty in America, and if Washington does not act, another 2 million Americans are expected to lose their homes in the coming months.
The Democratic housing package will provide mortgage refinancing assistance to families so they can stay in their homes. We do this by expanding the FHA program so the borrowers in danger of losing their homes can refinance into lower-cost government-issued mortgages. The housing package also provides $15 billion in loans and grants to States so they can acquire foreclosed homes and rehabilitate properties in areas hit hard by the housing crisis.
Mr. Speaker, this housing package is the best response to our Nation's housing problem.