Carolyn Maloney: “I'm distressed with this ruling because I think it is germane that people will lose their homes, that they are…”

“I'm distressed with this ruling because I think it is germane that people will lose their homes, that they are eliminating a program that is just starting that is thoughtful, that would give FHA financing and guarantees to help people stay in their homes, and that people in Nevada, over 390,000, could be affected by this; California, over 2 million people's homes are underwater; in Florida, over 2 million homes are underwater; Arizona, 648. And in my own State, over 129,000 people will not have the access to this program that allows them to adjust their mortgages so that they reflect the true value of their homes, make their payments on that value so that they can move forward and be part of the community, keep these homes from becoming blight and emptied in an area. We all have stories in our districts and across the Nation where people cannot make their mortgage payments because they have lost values in their home. They are deserting them. They are leaving them. In some States, they are literally bulldozing the homes underground because no one can afford to live in them. This is an answer to some of the challenges. And my colleagues on the other side of the aisle talk about the cost. Well, I would say that the cost--not only to the individual homeowner, but to the overall economy--will be greater by terminating the four efforts, the four antiforeclosure efforts from the Obama administration to help with the housing crisis.”