Action on Foreclosure Crisis

Op-Ed

Dear Friends,

The foreclosure rate in Ohio has jumped to one of the highest in the country. Ohio is sixth in the nation for foreclosures; 1.8-percent of households were in some stage of foreclosure during 2007. Clearly, the need to provide relief is urgent

This week the Financial Services Committee, of which I'm a member, held hearings to discuss our country's housing crisis. The Committee heard testimony from four panels that highlighted action some states are already taking to address the crisis.

I am pleased to announce that the Financial Services Committee is moving forward with draft legislation known as the FHA Housing Stabilization and Homeownership Retention Act. This draft language is an economic, mortgage and housing rescue proposal. It could provide up to $300 billion in new guarantees to refinance at-risk borrowers into good mortgages. In addition the draft bill would overhaul the Federal Housing Administration (FHA) and provide loans and grants to states to buy and rehabilitate vacant, foreclosed homes.

I believe that this draft legislation could help families keep their homes and stabilize communities. As the housing crisis continues to hurt our economy and hurt working families, I am urging Congress to swiftly act.

If you would like to learn more about my work in Washington and at home in Ohio, please visit my website at http://charliewilson.house.gov/ where you will find the latest news, events and information about my constituent services. You can also sign up for my e-newsletter to receive periodic updates on important issues and services for your family.

Sincerely,

Charlie Wilson
Member of Congress
Ohio's Sixth District

Source