Media Center

Today, Congressman David Scott continued the fight to pass several major housing bills that will help families refinance their bad home loans, save neighborhoods under assault from foreclosures and provide liquidity to the housing mortgage market.

“Georgians are facing a wave of foreclosures that threaten families’ stability and the safety of entire neighborhoods,” Congressman Scott said. “We are nearing final action on major legislation to fight predatory lending, allow families to refinance their mortgages, and provide neighborhood sustainability. This housing crisis needs to be addressed with aggressive action. I will continue to fight to help families keep their homes and ensure that good credit is available to future borrowers.”

Several major housing bills that have passed the House will now be forwarded to the Senate for final action and combination into a comprehensive bill. The bills will allow eligible homeowners to renegotiate the terms of bad mortgages. Further, the measure will provide $15 billion in grants and loans to state and local governments to purchase, rehabilitate, and resell or rent foreclosed homes. Tax credits will also be made available to first time homebuyers. FHA, VA and other housing programs will be expanded as well. Finally, the measure will provide additional funding for housing counseling and Justice Department mortgage fraud investigations.

Congressman Scott is the senior Georgia representative on the House Financial Services Committee, which created the housing legislation. For more information about the housing legislation, please visit the Committee website at: http://financialservices.house.gov/ 

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