On the recordFebruary 14, 2012
The housing crisis plunged our economy into a recession that we are still struggling to overcome. Homeownership is at the heart of the American Dream, and yet over 10 million American families now owe more on their home than what it's worth. President Obama recently announced a plan that would give homeowners the chance to save hundreds monthly and approximately $3,000 yearly on their mortgages by refinancing at historically low interest rates. Under President Obama's plan, the administration would also expand the eligibility for the Home Affordable Modification Program to borrowers with higher debt loans. It would also triple incentives paid to banks to reduce principal on loans and to help borrowers rebuild equity. In addition to these proposals, the administration is also extending HAMP to December 2013 to help responsible homeowners lower their costs and stay in their homes. Mr. Speaker, I thank President Obama for his proposal that will provide much-needed relief for millions of American families. And I thank the President for his leadership and his commitment to helping American families move forward. ____________________
