DeGette Aims To Provide Relief During Foreclosure Crisis

WASHINGTON– As home foreclosure rates increase across the nation and Americanworking families continue to suffer under a poor economy and high gasprices, Chief Deputy Whip Diana DeGette (D-CO) joined her colleaguesin the House to pass the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Neighborhood Stabilization Act of 2008. Thesemeasures are the most comprehensive pieces of legislation to dateproviding immediate relief to Americans struggling to hang on to theirmost prized asset – their homes - and to assist communities with theincreasing number of foreclosed homes in their neighborhoods.

"Ournation and Colorado are in a housing and credit crisis. What we needis real help for struggling American families. Colorado already has32,000 homes in foreclosure and approximately 50,000 more are expectedin the next two years. Today, I supported bold comprehensive steps tohelp end this crisis and provide government mortgage refinancingassistance to help keep families in their homes and protect homevalues," said DeGette.

The American Housing Rescueand Foreclosure Prevention Act of 2008will provide mortgage refinancing assistance and expand programs run bythe Federal Housing Administration (FHA) that will allow borrowers indanger of losing their home to refinance into lower-costgovernment-insured mortgages they can afford to repay.

"Ialso supported legislation that will provide $15 billion in loans andgrants to states to allow local communities to rehabilitate foreclosedproperties, which currently drive down surrounding home properties, andplace these homes back on the market. These comprehensive measureswill keep more families in their homes, provide relief to localcommunities to address foreclosed properties, and help put our nationon a path to ending the home foreclosure crisis."