On the recordMarch 10, 2011
I rise today to oppose H.R. 830, the FHA Refinance Program Termination Act. I represent the district that is truly ground zero for America's housing crisis; 390,192 mortgages in Nevada are underwater. Let me say that again: 390,192 families in Nevada are underwater. I agree that people need a paycheck, not a government check, but we must help individuals who are trying to do the right thing. This program gives some of those Nevadans who are current on their mortgage but underwater the ability to refinance their loan. Some will say this program is a failure because too few mortgages have been refinanced through it. They'll say not enough money has been distributed. I say, a failed PR job should not be the reason a good program dies. And the FHA Refinance Program can be a good program, but it needs more attention, and perhaps reform, so homeowners know it's an option. Vote ``no'' on H.R. 830 and give homeowners a chance to take advantage of this program.
