Russ Feingold: “I support the Foreclosure Prevention Act of 2008 because it provides targeted relief to homeowners facing foreclosure…”

“I support the Foreclosure Prevention Act of 2008 because it provides targeted relief to homeowners facing foreclosure and communities dealing with the negative effects of increasing numbers of foreclosures. Unfortunately, this bill also includes provisions that would not provide assistance to those most in need and it is my hope that those provisions will be modified or removed during the conference process. While I have reservations about some of the provisions in this bill, on balance, the legislation takes a step towards addressing some of the problems in the housing industry by increasing mortgage disclosures provided to borrowers and providing more housing counseling to homeowners facing foreclosure. I hope as Congress moves forward on this bill and other related housing measures we make sure that the legislation is crafted to help those most in need. It is estimated that at least 2 million Americans may face foreclosure on their homes in the coming months and years, which will not only have a devastating impact for those individual families, but will also have significant negative impact on the communities in which those homes are located.”