Rob Andrews: “When we started working on this project, it was a matter of simple fairness to Americans who sold a home under difficult…”

“When we started working on this project, it was a matter of simple fairness to Americans who sold a home under difficult circumstances. Now, unfortunately, the problem has grown into one of economic urgency because our economy is in trouble today in large part because of a drop in housing prices and housing values. And one of the reasons that we would have a glut on that market would be if people have to dump their properties on the market because they can't get a workout on the loans that they have because it would raise their taxes to come to a different arrangement with their lender. Through the wisdom of the committee, we are fixing this law in such a way that will encourage people to work out an arrangement with their mortgagee to work out a way they can pay their loans and stay in their homes. And if they stay in their home, we won't have that glut of supply in the housing market. If we don't have that glut of supply on the housing market, prices will stabilize and not drop, which will mean more Americans have more home equity, more Americans have economic confidence, and our economy can rebound.”