Carolyn Maloney: “Mr. Speaker, I rise in opposition to the rule and in support of the FHA refinancing bill that is one of four bills that…”

“Mr. Speaker, I rise in opposition to the rule and in support of the FHA refinancing bill that is one of four bills that will be on the floor coming out of the Financial Services Committee on which I serve that is terminating programs that will literally help people stay in their homes and help in the economic recovery. My Republican colleagues are proposing to terminate these programs, but they are not putting forward any alternative to help these people stay in their homes. There are nearly 11 million homes that are underwater now, meaning that the value of the home is less than the loan the homeowner has taken out to pay for it. Seven million homes have been foreclosed on so far, and another 3 million are expected to be foreclosed on through 2012. This vote will be on continuing the refinancing of FHA loans that will keep people in these homes, keep these homes filled so that they're not eyesores or pulling down the economy in certain areas. Last week, Citibank, Wells and GMAC voluntarily came forward and said they intend to participate in this program. It's a voluntary program. These are three of the largest mortgage companies in the country, and their participation will certainly broaden the reach to help more people. The program allows borrowers to write down at least 10 percent to reduce the debt burden.”