Help for America's Homeowners
Op-Ed
Help for America's Homeowners
Dear Friends:
This week the House will consider several major bills to relieve America's housing crisis, including H.R. 5818, the Neighborhood Stabilization Act, and H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act.
A wave of irresponsible lending and risky investments over the past decade have thrown the U.S. housing market into chaos. In just the first three months of 2008, more than 155,000 American families lost their homes to foreclosures. There were over 400,000 foreclosures in 2007, including 20,573 in Minnesota. And many housing economists believe the situation could get worse, with interest rates on millions of mortgages expected to rise in the coming months.
It is a devastating experience for a family to lose a home. But even those not facing foreclosure are seriously threatened by the housing crisis. Foreclosed homes can drag down property values, local tax revenues, and quality of life in entire communities. Meanwhile, the bursting of the housing bubble has destabilized many vital sectors of our economy, from finance to construction.
The Democratically-led Congress is acting aggressively to put the housing market back on solid ground. The Neighborhood Stabilization Act that we will vote on this week provides grants to state and local governments to stabilize local markets by buying up foreclosed homes. The House will also consider the American Housing Rescue and Foreclosure Prevention Act, which will authorize the Federal Housing Administration (FHA) to provide mortgage refinancing for between 500,000 and one million homeowners, while modernizing the FHA to help prevent future crises. This legislation will also stimulate housing demand by providing additional tax credits and deductions for first-time home buyers.
Not surprisingly, President Bush is threatening to veto these sensible and necessary measures, but Congress is determined to assist American families and bring our economy back from the brink of recession.
Sincerely,
Betty McCollum Signature
Congresswoman Betty McCollum
Serving Minnesota's Fourth Congressional District
The Week Ahead
How to File for Economic Stimulus Payments
People who do not normally file income taxes but had more than $3,000 in income in 2007 can still receive an economic stimulus payment if they file a simple form by October 15. This income includes benefits payments to seniors, veterans, and persons with disabilities. The AARP has set up an easy online system for anyone seeking to file for their stimulus payment at www.aarp.org/stimulus.
Rep. McCollum to Receive Polio Eradication Award
On Wednesday evening, the Rotary Club International will honor the Congresswoman as a "2008 Champion of Polio Eradication." Once a devastating disease, polio cases worldwide have declined by over 99% since 1988, when Rotary International, the World Health Organization, UNICEF and the CDC (Centers for Disease Control and Prevention) launched the Global Polio Eradication Initiative. In 2007, GPEI immunized more than 550 million children and reduced the number of countries still affected by polio from 125 to 9.
Last Week's Highlights
Rep. McCollum Visits Nature Restoration in St. Paul
St. Paul was recently selected by Home and Garden Television (HGTV) as one of three U.S. cities to have its natural spaces restored, improving its already strong reputation as a green-friendly city. Last Monday, Rep. McCollum toured one of the restoration sites, the Bruce Vento Nature Sanctuary.
House Administrator Meets with Local Environmental Innovators
Dan Beard, who leads the effort to transform the U.S. House into a carbon-neutral Capitol, came to St. Paul on Friday at Rep. McCollum's invitation. He met with representatives of District Energy, a low-emissions biomass power plant that powers much of downtown St. Paul, who proposed ways to make the House more energy efficient.
Rep. McCollum Questions General on Missile Defense Systems
Last Wednesday, the House Oversight Subcommittee on National Security and Foreign Affairs held its third hearing to investigate U.S. missile defense development programs that have cost taxpayers more than $120 billion since the 1980s but have yet to yield effective results. Click here to read coverage of the hearing.
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