Foreclosure Prevention Act of 2008

FORECLOSURE PREVENTION ACT OF 2008 -- (House of Representatives - May 08, 2008)

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Mrs. MALONEY of New York. I thank the gentleman for yielding to me and for his extraordinary leadership on this extremely important housing stimulus package. It is good for the country and good for my constituents in New York City. I strongly support it.

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Mr. Speaker, I rise in strong support for this Housing Stimulus Package.

It is good for our country and it is good for my constituents in New York.

We all know we are facing a housing crisis.

Foreclosures are at record highs, wages are stagnant and the markets continue to be volatile.

This housing package will help restore order and provide the roadmap forward.

In addition to the $300 billion voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages, we are doing a number of things to help the mortgage market.

We are making permanent the current FHA and GSE loan limits we passed as part of our first stimulus package.

Without this limit, the FHA limit in New York City would drop from $729,750 to $362,000 and the Fannie Mae/Freddie Mac limit would drop from $729,000 to $417,000.

This bill modernizes the reverse mortgage provision administered by FHA, allowing co-ops to be included for the first time.

We are preserving affordable FHA-insured foreclosed multifamily projects. Including language important to New York City.

This bill includes an amendment I offered that will provide for higher loan limits on homes that include a licensed child care facility.

This bill is needed. It helps our communities and I urge its adoption.

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