OH-13 & 18: More From Sutton and Space on Mortage Crisis Legislation
Rep. Betty Sutton (D-Copley) has sent out a press release with more from her floor speech in support of H.R. 1852, passed by the House on Tuesday. The legislation would "revitalize" the Federal Housing Administration by increasing the range of borrowers eligible for FHA mortgage reinsurance and making other changes, including providing for financial counseling for borrowers and emergency housing grants. As Sutton notes, 1 in 10 Ohio homeowners with a mortgage is at least a month behind on payments, and 1 in 4 with a subprime loan is delinquent or in foreclosure. Here are her remarks on the floor:
The American Dream is in peril for many families in this country as foreclosures rise and dreams shatter. The American Dream means owning a home, belonging to a community, and being able to provide a safe and stable place for our families. But for too many families, that dream can be a nightmare when predatory lending practices and a complacent government get in the way. We in Congress can help working families take steps toward achieving the American dream, and that’s exactly what we’ve done.Read the rest of this post at my new location, Ohio Daily Blog.