We continue to witness the affects of instability in the housing and financial markets on individuals and families. With home ownership being a staple of the American Dream, it is vital to help find ways to ensure the markets' future stability. While the housing market in some areas has shown signs of strengthening, many families are still experiencing financial stress. During our economic recovery, we must work toward long-term and fiscally responsible housing policies that provide incentives for responsible homeowners.
Never again, should we find ourselves in a situation where 1 in every 3 homeowners owes a mortgage larger than what their home is worth. Caused by an inflated housing market, exacerbated by an explosion of Adjustable Rate Mortgages, and intensified by the buying and selling of mortgage backed securities by Wall Street banks, it is fundamental that we find adopt more sensible paths to homeownership. There is no doubt that our past practices accompanied by a jump in the amount of foreclosures have lead to this weakness in the housing market. The stagnation within the housing market has contributed to a sluggish economy, which in effect continues to severely impact our financial market and the ability for current home owners to acquire loans and forces many in foreclosure.
As your Member of Congress, I have worked hard with local, state, and federal officials to address our community's housing concerns. There is great demand for a solution to the housing woes in our community, and I am committed to working at all levels to help solve our problem.