Bono Mack: Housing Bill Misguided
Calling for meaningful legislation to help more families stay in their homes, without exacerbating the housing market crisis and causing deeper problems down the road, Congresswoman Mary Bono Mack (CA-45) today issued the following statement on the housing legislation voted on this afternoon in the House of Representatives:
"Virtually every neighborhood in America has been impacted by the housing crisis, and it is clear that we must take bipartisan action to provide real relief to homeowners," said Bono Mack. "However, this legislation - while well-intentioned - is the wrong approach to dealing with a very serious problem.
"We need legislation that will truly help people keep their homes, without deterring future lending, raising interest rates, or increasing chapter 13 bankruptcy filings before other options have been fully explored. Unfortunately, when so many families are in need, this bill allocates too many resources to the court systems, and takes an approach with the potential for too many unintended consequences and may simply push the problem off to a later date.
"Our region is facing one of the highest foreclosure rates in the country, and I am committed to working on a bipartisan basis to provide tangible relief to homeowners and get our local - and national - economy up and running again.
"The problems in the housing market are complex, making it all the more critical that we take a calculated and meaningful approach to bring real and lasting relief. I have helped introduce the Fairness in Housing Recovery Act, which takes steps in the right direction by offering tax credits for new homebuyers to stimulate our market, allowing for more access to housing counseling services, helping combat mortgage fraud, and permanently increasing FDIC insurance to better protect Americans' bank accounts."