John Hall: “we are in a housing crisis in the United States, yet the Bush administration seems determined to ignore it. Losing your…”

“we are in a housing crisis in the United States, yet the Bush administration seems determined to ignore it. Losing your home has a deep economic and emotional impact that can last for years. When the mortgage crisis broadens as wide as it has, entire communities, not just individuals, face dire consequences for the future. In the Hudson Valley of New York, we have been especially hard hit. Over the last 3 months, foreclosures in Westchester County were up almost 40 percent from last year, and they've more than tripled since 2005. Putnam County, also in my district, has the single highest foreclosure rate of any county in New York State. This crisis demands bold action. This Congress has already expanded the Federal loan limits to make Federal protections available to more home buyers, now we need to extend these Federal guarantees to more homeowners in need. This Congress will not only protect institutions like Bear Stearns, but will also protect American families who remain at great risk.”