Search Form
First, enter a politician or zip code
Now, choose a category

Public Statements

Matheson Supports Housing Relief Bill

Press Release

Location: Washington, DC

Matheson Supports Housing Relief Bill

Congressman Jim Matheson today supported a housing relief bill designed to shore up the shaky real estate market, which in turn is a major factor in the weakening economy. Matheson voted for an amended HR 3221 - the American Housing Rescue and Foreclosure Prevention Act.

"This bill offers help to deserving homeowners, tightens regulation of the mortgage lending industry and sends important financial signals to the markets. I think it is a responsible step to address a problem that affects a growing number of Utah homeowners and businesses," said Matheson.

Matheson said the centerpiece of the legislation is a package of federal loan guarantees to help homeowners refinance into market-rate mortgages with better terms. It also creates a new independent agency to regulate Fannie Mae, Freddie Mac and the Federal Home Loan Bank System. Fannie Mae and Freddie Mac are government-sponsored entities that combined hold about $5 trillion worth of mortgage debt. The legislation also extends tax credits of up to $7,500 for first-time homebuyers, effective until July 1, 2009.

Matheson said the bipartisan bill includes provisions sought by US Treasury Secretary Henry Paulson, arising from concern that a collapse of either Fannie or Freddie could cause a worldwide crisis in debt markets. The recent federal government takeover of a California mortgage bank has sparked consumer fears that the ongoing housing crisis might cause more banks to fail.

Skip to top

Help us stay free for all your Fellow Americans

Just $5 from everyone reading this would do it.

Back to top