Housing Rescue & Foreclosure Prevention Act

Press Release

Rep. George Miller praised House passage of the American Housing Rescue & Foreclosure Prevention Act by earlier today.

"Californians, seeing the highest foreclose levels in at least 20 years, need help now. Families in Contra Costa and Solano Counties are among the hardest hit by the mortgage crisis," said Miller (D-Martinez).

"Congress is taking strong action to help these families and their neighborhoods weather this storm and to shore up our housing market.

"The American Housing Rescue and Foreclosure Prevention Act, approved today by the House and expected to be signed into law by the president shortly, will help families keep their homes, support neighborhoods suffering from foreclosure, and put provisions in place to help stabilize the housing market," Miller said.

He highlighted several key features of the bill:

-- Nationwide, 400,000 families facing foreclosure will be eligible to refinance their mortgages into government-backed loans at lower rates to allow them to stay in their primary residences.

-- Communities suffering from the effects of foreclosure will get help to try to revitalize neighborhoods and stabilize local housing markets.

-- A new regulator, authorized today, will provide oversight of the largest guarantors of mortgages in the world -- Fannie Mae and Freddie Mac. At the insistence of Democrats in Congress, Fannie Mae and Freddie Mac will create a new affordable housing fund to help low income families and those who have lost their homes.

-- Several provisions to spur home buying, from tax provisions for first-time home buyers, to increasing loan limits on Veteran's loans, were also included in the bill.

"Our legislation has been the subject of lengthy and intense negotiations between the House, the Senate, and the White House," said Miller. "I am confident that with its enactment we will take one important step forward to begin to stabilize the economy and help homeowners and their families from this extremely difficult downturn."

Miller, along with Reps. Ellen Tauscher and Jerry McNerney, have been hosting workshops throughout Solana and Contra Costa counties to help families understand how to prevent or respond to foreclosures. Contact the district office for more information.

Source