Applauds Passage of American Housing Rescue and Foreclosure Prevention Act of 2008

Press Release

Today on the House floor Congresswoman Barbara Lee, a vocal leader in Congressional efforts to reform the current housing crises, urged passage of H.R. 3221, the American Housing Rescue and Foreclosure Act of 2008. The measure would provide mortgage refinancing assistance to help families from losing their homes, protect neighboring home values, and help stabilize the housing market.

"We have an obligation to make the dream of homeownership accessible to all Americans and help them to achieve those dreams by limiting unscrupulous lenders who seek to profit at the expense of the people that they purport to serve," stated Congresswoman Lee.

Weeks after Congresswoman Lee held a bus tour to personally assess the foreclosure crisis in the hardest-hit communities, California foreclosure rates hit an all time high yesterday with a record number of over 63,000 families loosing their homes.

"Prior to joining the Appropriations committee last year, I served on the Financial Services Committee Subcommittee on Housing for eight years where I worked with my colleagues Chairman Barney Frank and Chairwoman of the Housing Subcommittee Maxine Waters, to create and expand homeownership opportunities including the creation of the Affordable Housing Trust Fund included in this bill," Stated Congresswoman Lee. "This bill is a great step in the right direction, and the President's reversal on his veto threat also helps. But we need to do more. We need to pass an economic stimulus package."

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