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Housing and Economic Recovery Act of 2008

Location: Washington, DC

HOUSING AND ECONOMIC RECOVERY ACT OF 2008 -- (House of Representatives - July 23, 2008)


Mr. SIRES. Thank you, Mr. Chairman, and thank you for all your hard work on this bill.

I rise today in support of H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008. This amendment is very important for a number of reasons.

First, this amendment aims to stimulate and increase consumer spending in the mortgage market by creating a new standard deduction for State and local real estate taxes paid for those who do not itemize, and it provides a refundable tax credit for first time home buyers.

Second, this amendment provides assistance to all who are looking for a place to call home. It does not forget those who are less fortunate, those who can not afford to buy a home. The permanent affordable housing trust fund will ensure that all Americans have access to a safe and stable place to call home, even those who rent. This amendment also helps those who are looking to buy a home by bolstering the ability of FHA to guarantee more mortgages.

Finally, by strengthening and consolidating existing regulatory authorities and giving the Treasury Department new authority, the American taxpayer can have faith that they will not have to bear the weight of future housing financing problems. I urge everyone to support this bill.


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