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Washington DC Office:
2263 Rayburn Building
Washington, DC 20515
Ph.: 202-225-5161
Fax: 202-225-5163
District Offices:
Marin Office:
1050 Northgate Drive
Suite 354
San Rafael, CA. 94903
Ph.: 415-507-9554
Fax: 415-507-9601
Sonoma Office:
1101 College Avenue
Suite 200
Santa Rosa, CA 95404
Ph.: 707-542-7182
Fax: 707-542-2745
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| Woolsey Backs Proposal to Bolster Housing Market | | July 23, 2008 | |
| Washington, DC – As homeowners in Marin and Sonoma Counties continue to face volatility in the housing market, Congresswoman Lynn Woolsey today joined a majority of her colleagues in supporting a comprehensive response to the mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act would help families facing foreclosure keep their homes, assist others in avoiding foreclosures in the future, and aid local communities who have been hit hard by steep foreclosure rates. The legislation comes just days after Woolsey participated in a mortgage foreclosure prevention workshop in Santa Rosa.
“Home ownership is part of the American Dream, but for many Marin and Sonoma families it’s turning into a nightmare,” Woolsey said. “In communities throughout the North Bay we are seeing sharp increases in default and foreclosure rates, and steady declines in home values, as families struggle to keep up with their mortgage payments. This is an issue that threatens all of us, and one that we must work together to solve.”
The legislation will protect millions of homeowners by allowing them to refinance with lower-cost government-insured mortgages run by the Federal Housing Administration (FHA) – at no additional cost to the American taxpayer. The legislation also:
• strengthens neighborhoods hardest hit by the foreclosure crisis by providing resources to allow cities and states to buy up and rehabilitate foreclosed properties that are currently driving down home prices, reducing state and local revenues, and destabilizing neighborhoods;
• expands homeownership opportunities for veterans and helps returning soldiers avoid foreclosure;
• provides tax breaks to spur home ownership; and
• creates a new fund to boost the nation’s stock of affordable rental housing in both rural and urban areas for low and very low-income individuals and families.
In addition the legislation includes provisions that will help restore confidence in financial markets and shore up Fannie Mae and Freddie Mac, who combined hold or guarantee nearly half of all mortgages in the United States. The bill provides the Department of the Treasury with emergency and temporary financing authority for the two institutions.
“It is essential that we do everything in our power to keep Americans in their homes,” said Woolsey. “Foreclosures not only affect the family that risks losing their homes, but the entire community as well. That’s because foreclosed properties drag down the values of nearby homes, leading to a decrease in tax revenue for local governments who are already struggling to provide basic services such as adequate police and fire protection. While our area hasn’t been as hard hit as some parts of the country, hundreds of local families have already lost their homes, and thousands more are at risk if we don’t confront this problem head on.” |
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