Max Baucus: “Confucius said: The strength of a nation derives from the integrity of the home. Today we are here to protect the…”

“Confucius said: The strength of a nation derives from the integrity of the home. Today we are here to protect the strength of our Nation. We are here to help keep families in their homes. The tax provisions in the amendment before us are meant to stabilize the housing market and boost our economy. They are designed to provide temporary, targeted, and timely tax relief for the housing market. In 2007, 1 percent of all homes were in default. That is more than 1.2 million homes. The Nation's 2007 foreclosure rate was 2/2 times what it was in 2005. In my home State of Montana, the 2007 foreclosure rate was up almost 30 percent from 2006 and more than 50 percent from 2005. And the number of foreclosures continues to grow. Nationwide in May, the number of homes receiving a foreclosure-related notice was up 7 percent from the month before, and up 48 percent from a year before. This means that 1 in every 483 American households received a foreclosure notice last month. That is a record high. Behind every foreclosed property, there is a family. There is a family losing its home, and there is a family losing a piece of its future. Our Nation's current economic weakness is largely a result of the weak housing market. More than 5 million households now owe more on their mortgage than their house is worth. That is about 1 out of every 10 home mortgages. As home prices continue to fall, these numbers will only get worse. This amendment is a response.…”