| House Expands Opportunities for Home Ownership
Tuesday, September 18, 2007
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Washington, D.C. – House Majority Whip James E. Clyburn released the following statement today regarding passage of the Expanding American Homeownership Act, HR 1852:
“With millions of Americans in danger of losing their homes and our nation’s housing market plummeting at an astounding rate, House Democrats responded today to this urgent crisis by passing legislation that will provide much needed assistance to homeowners struggling to make their mortgage payments.
“The Expanding American Homeownership Act will revitalize the Federal Housing Administration’s (FHA) mortgage insurance program by authorizing lower down payments for homebuyers who lack the financial capital to cover the upfront costs associated with purchasing real estate. Furthermore, this legislation mandates higher FHA home loans and offers counseling services to those individuals besieged by the violate subprime mortgage market.
“Home ownership is part of the American dream. Our homes provide sanctuary and safe-haven for our loved ones. Cherished memories of raising children, celebrating holidays, and forming friendships with neighbors accompany the dream of home ownership.
“House Democrats remain committed to enhancing the American housing sector and seeking a New Direction for our country by continuing to pass legislation that stimulates growth in our economy.” |
