Terminating Mortgage Relief Programs

Floor Speech

Ms. BASS of California. Mr. Speaker, California was ground zero of the foreclosure crisis. At one point, 40 percent of all foreclosures nationwide were concentrated in the State of California. Today in California, nearly one in eight homes is in foreclosure. By far the majority of my constituents who walk through the door have received foreclosure notices or are on the brink of foreclosure. They have been shunned by the banks and have turned to my office and the Federal Government for help.

Mr. Speaker, the two programs on the Republican chopping block this week haven't even been fully implemented: the Emergency Mortgage Relief Program and the FHA Refinance Program. The Emergency Relief Program provides no-interest loans to those who lost their jobs, which is the main reason homeowners fall behind in their mortgage payments.

Not only does this response from the majority ignore the basic economic principle that the housing sector is a key component to economic recovery; it also comes without any alternative to reduce foreclosures.

Mr. Speaker, I urge my colleagues to support struggling homeowners and vote against H.R. 830 and H.R. 836.

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