Pryor Helps Military Families Distressed by Landlord Foreclosures
Says Housing-Rescue Package Will Aid Struggling Families, Economy
The U.S. Senate today passed legislation to alleviate the nation's housing crisis, including a measure by Senator Mark Pryor that would pay for moving expenses incurred by military families when they are forced to relocate due to the foreclosure of leased housing.
Pryor said his measure - embedded within broader housing legislation - allows the military to move household goods for members of the Armed Forces who are forced to relocate when the housing they are renting goes into foreclosure. The military already covers the costs of moving for servicemen and women when they are reassigned to another military installation. Pryor said landlord foreclosures are affecting families across the nation, and added the situations are even more difficult when a family member is serving in Iraq or other areas of the world.
"All over the country, renters are becoming casualties of the mortgage meltdown. The ripple effect reaches as far as our soldiers in Iraq. In fact, I heard from one General who has 20 soldiers and airmen evicted from various landlord foreclosures," Pryor said. "I don't want our troops, especially those serving in dangerous combat zones, to be concerned about the hassle and cost of moving their family's belongings. They must be focused on the mission at-hand."
Pryor said the American Housing Rescue and Foreclosure Prevention Act of 2008 will keep thousands of people at risk of foreclosure from losing their homes and help stabilize the housing market. Among its provisions, the legislation would authorize a $300 billion expansion of the Federal Housing Administration's insurance programs to back refinanced loans for struggling borrowers; reform Fannie Mae and Freddie Mac; and provide $15.1 billion in housing tax credits, including a tax credit of up to $7,500 for first-time homebuyers.
"This housing-rescue package is a shot in the arm for our economy," Pryor said. "More immediately, however, it will prevent thousands of families in Arkansas and around the nation from losing their homes. I hope President Bush wastes no time in signing this legislation into law."