Washington, D.C. – March 10, 2009 – (RealEstateRama) — Speaker Nancy Pelosi released the following statement on the House’s passage of HR 1106, the Helping Families Save Their Homes Act, by a vote of 234 to 191.
“Every 13 seconds, another American family loses their largest investment—their home—to foreclosure. That means that every 13 seconds a family is uprooted, children are forced to switch schools, and a home is boarded up, increasing blight and reducing property values.
“The Helping Families Save Their Homes Act will prevent tragic home foreclosures, strengthen the housing market and our economy, and protect the American Dream of homeownership for America’s families. Americans all agree that homeowners bear personal responsibility for their actions and their debts, but lenders must also act in good faith, lend responsibly, and work with homeowners who are at-risk of foreclosure because that is in the interests of lenders, borrowers, neighborhoods, and our nation’s economy.
“The legislation provides significant incentives to lenders, servicers, and homeowners to work together to modify loans and to avoid foreclosures. For those who cannot be helped through voluntary agreements, it allows bankruptcy judges to modify the terms of loans for families with existing mortgages.”
“Each foreclosure represents nothing less than the end of an American Dream. But with the Helping Families Save Their Homes Act, we can protect the American Dream and preserve it for America’s families.”
Contact: Brendan Daly/Nadeam Elshami, 202-226-7616