Political Quotes

“the housing crisis has devastated millions of American families who have lost their homes, but the crisis doesn't end there. Experts predict that housing foreclosures could reduce overall economic activity by over $160 billion this year thanks to sharp declines in real estate, the construction industry, and in consumer spending. The slump in the real estate market is hurting manufacturers, construction firms and other businesses that have been forced to lay off thousands of workers. Ending the foreclosure crisis is vital to the American economy, our economic recovery, and to Americans who are hurting. And that is why it is so important that this Congress pass the bipartisan housing package that we are presenting this week. It reported out of the Financial Services Committee by both Republicans and Democrats and sent to this floor for our consideration. Mr. Speaker, serious problems with subprime mortgages have pushed the housing market into its worst slump in decades, weakening the economy and making American families less secure. The package of bills we are presenting today will help stabilize the housing industry and give the American economy the boost it so sorely needs. And I urge every Member of the House to support these much-needed bills.”