Aaron Bean: “In 2008, 8,200 homeowners filed for foreclosure each day. One in six homeowners are currently upside down, meaning that…”

“In 2008, 8,200 homeowners filed for foreclosure each day. One in six homeowners are currently upside down, meaning that their mortgage debt exceeds current home value. Currently, 45 percent of real estate on the market is foreclosed properties, which continues to depress home values and adversely impact average Americans who want to refinance or sell their homes. In addition, slumping consumer spending is driving many retailers and small businesses under. And as they vacate their properties, commercial foreclosures will likely increase. That means even more toxic assets on the books of our financial institutions, further limiting credit. And U.S. banks continue to write off enormous losses, and several are reporting severe fourth quarter losses. Given this data, it would be irresponsible for this Congress to deny the new administration the tools needed to prevent a further collapse of our markets and credit availability. Without these tools, the upcoming stimulus will have a reduced effect in igniting economic growth. I urge my colleagues to oppose today's resolution to disapprove the release of these funds so American families and businesses can count on our financial system in the future.”