Kendrick Meek: “I rise in general support of H.R. 384. The bill requires that the Treasury implement some combination of programs…”

“I rise in general support of H.R. 384. The bill requires that the Treasury implement some combination of programs designed to mitigate foreclosures. This is very important to the people of my home state of Florida. Florida has the second highest foreclosure rate in the nation, placed only after Nevada. In November of 2008, one in every 173 Florida housing units received a foreclosure filing, nearly three times the national average. Broward County leads the state with over 6,800 new foreclosures in November, while Miami-Dade County follows close behind with over 6,400 new foreclosures filed in November. In the last economic stabilization package the Troubled Asset Relief Program, TARP, was created. Money for this program was supposed to go to help stabilize banks, and was originally thought to be used for lending and the prevention of foreclosures. So far, the money has only been used to help shore up banks, and has not actually been used to restructure mortgages or otherwise prevent foreclosures. Frank's bill H.R. 384 requires the commitment of between $40 billion to $100 billion to help mitigate foreclosures.”