Blog: Protecting the American Dream

Statement

Here at HUD, we recognize that a home is where American families build and shape their lives. It is the foundation on which parents raise their children and plan for the future. It is the foundation from which rural and urban neighborhoods are built and communities are formed. A home is where the American Dream begins.

However, as too many Americans have lost their homes or are at risk of foreclosure, we also understand that our current housing and economic crisis has shaken the dream that we all hold dear.

During National Homeownership Month 2010, we recognize that American families deserve the opportunity to achieve and sustain the dream of homeownership. The Obama Administration has taken immediate action to help existing homeowners stay in their homes, to offer a second chance to millions of responsible families, to encourage wise and affordable home purchases and to stabilize our households, neighborhoods and communities. This month, we focus on Protecting the American Dream.

The President's comprehensive approach to doing just that includes lower interest rates, tax credits for homebuyers, neighborhood stabilization and community development programs, state and local housing agency initiatives and mortgage modifications and refinancing. With more than four million homeowners able to refinance their mortgages to more affordable levels and home owner equity increasing by over a trillion dollars, the Administration's plan to deal with the foreclosure crisis is showing solid progress. And, as a result, the housing market is significantly better than predicted a year ago.

At the end of the day, responsible, sustainable homeownership remains the cornerstone of wealth and security for most households. This June, join HUD as we honor National Homeownership Month by continuing to implement a comprehensive and balanced housing policy that protects and stabilizes housing opportunities for all Americans.

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