The following letter from Congressional Representative Debbie Wasserman Shultz, of the The United States House of Representatives of the 20th District of Florida, recently came in the mail. It addresses some issues regarding the mortgage crises in this country, and, according to Representative Schultz, what our Congress is doing to fix it. Here is the letter, reprinted from the original.
Dear Mr. Shay:
Thank you for contacting me regarding H.R. 1852, the Expanding American Homeownership Act. I appreciate hearing from you regarding this important matter.
The American mortgage crisis threatens the U.S. economy, but no state has felt the effects of this problem more than Florida. The 110th Congress is acting to strengthen the housing market and the economy, expand affordable mortgage loan opportunities for families at risk of foreclosure, and strengthen consumer protections against future risky loans. I am proud that the House Democrats passed legislation to help make home ownership affordable and make lending institutions more accountable as part of our first 100 hours agenda.
It may please you to know that on September 18, 2007 the House of Representatives passed H.R. 1852, The Expanding Homeownership Act. This bill revitalizes the Federal Housing Administration (FHA), which was established to provide a reliable source of affordable mortgage loans for first-time homebuyers. The FHA is now enabled to serve more subprime borrowers at affordable rates and terms, and to attract borrowers to safer and more affordable mortgage alternatives instead of risky predatory loans.
As a proud supporter of The Expanding Homeownership Act, I am also pleased to announce that House Democrats are continuing to improve upon our recent success with H.R. 2895, National Affordable Housing Trust Fund Act. The bill establishes a national affordable housing trust fund to build or preserve 1.5 million homes over the next 10 years. We have made real progress during the 110th Congress to create more affordable housing options, and I am committed to pursuing these initiatives throughout my tenure as your Representative.
Finally, on November 15, 2007 the House of Representatives passed H.R. 3915, The Mortgage Reform and Anti-Predatory Lending Act. This legislation will crack down on mortgage lenders by forcing them to get licenses, making them responsible for discovering whether borrowers can really repay and fining them for steering people toward risky subprime loans. The measure is designed to keep more people from sinking into the current mortgage crisis, where prospective homeowners with shaky credit are allowed to get mortgages by financial institutions, with low interest rates only to see the rates rise and bring monthly mortgages up to prices they cannot afford.
Again, thank you for contacting my office, and please do not hesitate to do so again regarding this or any other matter. I will keep your concerns in mind and continue to update you on this and other pressing issues of the 110th Congress. I also invite you to visit my Web site and signup to receive my newsletter at www.house.gov/schultz for additional information and legislative issue updates.
Sincerely,
Debbie Wasserman Schultz
Member of Congress
Thank you for contacting me regarding H.R. 1852, the Expanding American Homeownership Act. I appreciate hearing from you regarding this important matter.
The American mortgage crisis threatens the U.S. economy, but no state has felt the effects of this problem more than Florida. The 110th Congress is acting to strengthen the housing market and the economy, expand affordable mortgage loan opportunities for families at risk of foreclosure, and strengthen consumer protections against future risky loans. I am proud that the House Democrats passed legislation to help make home ownership affordable and make lending institutions more accountable as part of our first 100 hours agenda.
It may please you to know that on September 18, 2007 the House of Representatives passed H.R. 1852, The Expanding Homeownership Act. This bill revitalizes the Federal Housing Administration (FHA), which was established to provide a reliable source of affordable mortgage loans for first-time homebuyers. The FHA is now enabled to serve more subprime borrowers at affordable rates and terms, and to attract borrowers to safer and more affordable mortgage alternatives instead of risky predatory loans.
As a proud supporter of The Expanding Homeownership Act, I am also pleased to announce that House Democrats are continuing to improve upon our recent success with H.R. 2895, National Affordable Housing Trust Fund Act. The bill establishes a national affordable housing trust fund to build or preserve 1.5 million homes over the next 10 years. We have made real progress during the 110th Congress to create more affordable housing options, and I am committed to pursuing these initiatives throughout my tenure as your Representative.
Finally, on November 15, 2007 the House of Representatives passed H.R. 3915, The Mortgage Reform and Anti-Predatory Lending Act. This legislation will crack down on mortgage lenders by forcing them to get licenses, making them responsible for discovering whether borrowers can really repay and fining them for steering people toward risky subprime loans. The measure is designed to keep more people from sinking into the current mortgage crisis, where prospective homeowners with shaky credit are allowed to get mortgages by financial institutions, with low interest rates only to see the rates rise and bring monthly mortgages up to prices they cannot afford.
Again, thank you for contacting my office, and please do not hesitate to do so again regarding this or any other matter. I will keep your concerns in mind and continue to update you on this and other pressing issues of the 110th Congress. I also invite you to visit my Web site and signup to receive my newsletter at www.house.gov/schultz for additional information and legislative issue updates.
Sincerely,
Debbie Wasserman Schultz
Member of Congress
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