Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2010

TRANSPORTATION, HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS ACT, 2010 -- (House of Representatives - July 23, 2009)

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Mr. SCHOCK. Mr. Chairman, I yield myself as much time as I may consume.

Our country continues to see a significant increase in foreclosures, which are up 18 percent this January over last. Those figures continued to rise the first quarter of 2009, with an additional 616,000 homeowners filing foreclosures. Over 25,000 of those foreclosure were in my home State of Illinois alone. And now the percentage of subprime loans in foreclosure has, for the first time ever, eclipsed 14 percent.

We have all heard about these ridiculous loans: ballooning adjustable rates, reverse amortization, and interest-only mortgages which never actually provide home ownership. These vehicles of financial ruin usually have only one possible result for the homeowner: foreclosure.

And while it would be much too simplistic to place the blame for the housing crisis at the feet of these irresponsible loans, they are certainly the chief culprits. And while many programs have been enacted to help victims who have fallen victim to these deceptive practices, little has been done to ensure that this crisis does not happen again, that future homeowners are not lured by irresponsible mortgages. It is time we take some preventative action to make certain homeowners have access to professionals which will assist them in understanding what they are getting into, and hopefully not only delinquency but ultimately foreclosure.

The amendment I am offering today is a simple transfer of funds, yet will go great lengths to ensure that the American people have access to additional necessary resources before purchasing a home.

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