Betty Sutton: “I rise in favor of this rule and in strong support of the underlying legislation, the Expanding American Homeownership…”

“I rise in favor of this rule and in strong support of the underlying legislation, the Expanding American Homeownership Act. Owning a home in this country is called the American Dream for many reasons: the pride of ownership, a sense of responsibility, the feeling of settling down and belonging to a community and a neighborhood. But the American Dream is in peril for many families in this country as foreclosures rise and dreams shatter. I am sorry to report, Mr. Speaker, that in my home State of Ohio, we have the Nation's highest rate of mortgages that are seriously delinquent or in the foreclosure process. In April of this year, Ohio had nearly 12,000 default notices, auction sale notifications, and bank repositions. Sadly, one in ten Ohio homeowners with a mortgage is at least a month behind in payments and one in four with a subprime loan is delinquent or in foreclosure. These staggering statistics are not just numbers. They are families and individuals whose American Dream is quickly becoming a nightmare. I have talked with many hardworking, proud families who are struggling to pay their mortgages and afford health insurance, struggling to put food on the table and pay for their children's college education. They are working hard and they are playing by the rules, but nonetheless the American Dream has moved out of their reach.”