Rep. Fossella Statement on President's Plan to Help Homeowners Facing Foreclosure

Press Release

Rep. Fossella Statement on President's Plan to Help Homeowners Facing Foreclosure

Congressman Vito Fossella today released the following statement on the President's plan to help homeowners who are facing foreclosure in the current housing market crisis.

Fossella said, "The President's plan has the potential to help more than 1 million Americans who are facing foreclosure in the housing market crisis. This plan represents a piece of the puzzle, but the fact is that there is no easy solution or one right answer. The plan extends a helping hand to many in need and gives them an opportunity to manage the financial challenges they are currently facing. While we help them, we also need to be careful of possible long-term damages or unintended consequences for current and future homeowners. It is essential that we limit the impact of the housing crisis on our national economy and continue to advance a pro-growth economic strategy that's focused on reducing taxes and limiting spending."

The President's plan, which is voluntary, includes a five-year freeze on interest rates for borrowers who can currently pay their mortgages but would be at risk of foreclosure if they rates increased at the end of the locked period. Fossella said that residents in need of help should call a new hotline (1-888-995-HOPE) for assistance.

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