Majority Leader Hoyer, Christine Jennings Address Mortgage Crisis and Need for Affordable Housing

BRADENTON, FL – May 28, 2008 – Standing on the steps of the Manatee County Courthouse, U.S. House of Representatives Majority Leader Steny Hoyer and Christine Jennings, Democratic candidate for Congress in Florida’s 13th Congressional District, called for continued help to homeowners facing foreclosure. 
  
“One of the top priorities of the Democratic-led Congress has been affordable housing and foreclosure relief,” said Hoyer. “We have been successful in passing comprehensive legislation that will protect the interests of working Americans by curbing foreclosures and restoring market stability. Still, we must continue to work to assure that families do not fall through the cracks and that our communities remain stable as the housing market continues to fluctuate.” 
  
“Since 2007, there have been more than 4,000 foreclosure filings in Manatee County alone,” noted Jennings. “People are hurting here, just as they are in Charlotte, DeSoto, Hardee and Sarasota counties, as well as across Florida and the nation. I am proud of Democratic efforts to address the situation and provide all the assistance we can to those who have already been affected, and ensure that more citizens do not face foreclosure.” 
  
“I know Christine Jennings shares my commitment to solutions for the housing crisis facing our country,” said Hoyer. “With her background in community banking, she has always been committed to helping people achieve their dreams of owning a home. She will be a strong advocate to protect and assist consumers, and I look forward to working with her on this issue when she is elected to Congress.” 
  
The Sarasota/Bradenton/Venice area had the 14th highest rate of foreclosures in the country during the first three months of 2008, according to RealtyTrac Inc. The area saw one filing for every 89 households, compared to one for every 194 households across the country.  
  
The Democratic Leadership in the U.S. House of Representatives has made providing relief for homeowners and increasing assistance to consumers and states for housing-related costs a key priority. Recently passed bills addressing these issues include:

* The Neighborhood Stabilization Act (H.R. 5818), passed on May 8, 2008, makes $15 billion in loans and grants to states to acquire foreclosed homes standing empty, to rehabilitate foreclosed property, and to restore home values in neighborhoods hit hard by the crisis. This assistance will help neighborhoods to avoid declining home values, escalating crime rates and loss of tax revenue to school districts, police departments, fire departments and other public services that come with a high rate of foreclosures.

* The National Affordable Housing Trust Fund Act (H.R. 2895), passed on October 10, 2007, establishes an affordable housing trust fund to be financed from Fannie Mae and Freddie Mac profits and FHA surplus funds. The trust fund would allow states and local jurisdictions to provide grants, low-interest, or deferred-payment loans, closing cost assistance or other aid to encourage owner-occupied, affordable housing, including rental properties.

Representative Vern Buchanan (R-Longboat Key) voted against both the Neighborhood Stabilization Act and the National Affordable Housing Trust Fund Act. 
  
“It is imperative that we take a step back and realize that, in part, the situation we face now is due to a lack of affordable housing,” said Jennings. “My opponent shortsightedly voted against key pieces of legislation designed to give low- and middle-income families the chance to own a home. We must continue to look at solutions that work to provide assistance to potential homeowners before they face foreclosure.”