Marcy Kaptur: “the housing foreclosure crisis in America is getting worse. Last February alone brought another quarter of a million…”

“the housing foreclosure crisis in America is getting worse. Last February alone brought another quarter of a million foreclosures, 223,561 families. Last year, in 2007, our Nation suffered 1.6 million foreclosures, the largest equity washout in our history. That's 1.6 million families, probably between 4 and 5 million people, who have destroyed credit and who lost their homes. Their lives have been thrown into chaos. Despite the death grip that mortgage foreclosures are having in this country, Washington has yet to offer a credible solution. Back home my constituents are demanding to know what is taking so long. The huge jumps in foreclosures were becoming evident in 2006. Experts have forecast an even larger increase based on loan resets on adjustable rate mortgages. Still no credible action from the Bush administration or this Congress. One has to wonder why Washington has not moved more decisively to enact legislation when no congressional district has gone unaffected by this crisis. In whose interest is it to have so many Americans, by the millions, falling off the edge of the mortgage cliff? The Bush administration should take real action. It isn't. This Congress should take real effective action. It hasn't. It is clear what will happen if we don't. Another 2.9 million loans were past due last December, signaling high rates of foreclosure to come.”