Charles Skelton: “Over the past months, economic conditions in our country have soured. Particularly troublesome to our Nation's economic…”

“Over the past months, economic conditions in our country have soured. Particularly troublesome to our Nation's economic engine are skyrocketing home foreclosures and loan delinquency rates, which have risen over 85 percent in the past year. Foreclosures and delinquencies are harmful to borrowers and lenders, but they also stifle economic growth, shake consumer confidence, and lower home values for those who live near foreclosed properties. While borrowers in our country must certainly bear a great deal of responsibility when it comes to financial planning, the government can and must carefully examine the impact of soaring mortgage foreclosures on the whole U.S. economy and also thoroughly review regulatory oversight with respect to the mortgage business. I have been pleased that the House has been active in addressing the mortgage crisis, voting last year to strengthen consumer protections against risky loans and to overhaul the Federal Housing Administration (FHA), Freddie Mac, and Fannie Mae, among other things. Under the leadership of Financial Services Committee Chairman Barney Frank, the House is again poised to pass critical, market-driven housing legislation designed to reduce foreclosures, to help families avoid foreclosure in the future, and to alleviate the negative impacts of foreclosures on property values and the national economy.”