Keith Ellison: “every day between 7,000 and 8,000 people file for foreclosures on their homes. In the next 2 years, one in 33 homeowners…”

“every day between 7,000 and 8,000 people file for foreclosures on their homes. In the next 2 years, one in 33 homeowners is projected to be in foreclosure as a result of subprime loans. But the housing crisis doesn't only affect families losing their homes. An additional 40 million neighboring homeowners could see their property values drop, with 44 percent of all homeowners likely to feel the ripple effect of foreclosures from subprime loans. And the overall impact does not end in the housing market. The ripple effects are felt throughout the economy with a reduction in economic activity and severe job loss. Mr. Speaker, we simply cannot turn our Nation's economy around without properly addressing the housing crisis, and that is exactly what we plan to do this week. Today, House Democrats will bring a package of housing bills to the House floor that will address the current housing crisis, while also seeking to prevent the problem from getting worse. These bills are the appropriate response to a problem that is affecting our families, our communities and our overall economy. I hope it receives the bipartisan support that it deserves, Mr. Speaker.”