WASHINGTON – At a ceremony at the White House yesterday, Congressman Jim Himes (D-CT) joined other affordable housing leaders in support of the Helping Families Save Their Homes Act. This landmark legislation enables more homeowners to refinance mortgages, especially those who are current with payments but owe more than their homes are worth. Provisions in the bill also help restore the flow of credit.
“Every day, I meet people who are losing their home. Eliminating the practices that contributed to this crisis will help ensure we never find ourselves here again,” said Congressman Himes. “This bill will help responsible homebuyers who now face the possibility of foreclosure stay in their homes.”
The Helping Families Save Their Homes Act is an important step towards stabilizing and reforming our nation’s financial and housing markets – helping American homeowners and increasing the flow of credit during these difficult economic times. This legislation will strengthen our nation's housing sector and facilitate the goals of the Making Home Affordable Program by helping millions of American families stay in their homes.
The Act also authorizes new important tools to assist in stabilizing the financial system during the current economic downturn. This legislation increases the borrowing authority for the Federal Deposit Insurance Corporation and the National Credit Union Administration. It also creates a Stabilization Fund to address problems in the corporate credit union sector. These provisions will reduce the near-term costs for banks, which will enhance their ability to lend to families and business.