Media Center

Today, Congressman David Scott continued the fight to help families refinance their bad home loans, save neighborhoods under assault from foreclosures and provide liquidity to the housing mortgage market. The House gave final approval to H.R. 3221, American Housing Rescue and Foreclosure Prevention Act.

“Georgians are facing a wave of foreclosures that threaten families’ stability and the safety of entire neighborhoods,” Congressman Scott said. “This housing crisis needs to be addressed with aggressive action. We have responded by passing the most significant housing bill in a generation to fight predatory lending, which will allow families to refinance their mortgages and provide neighborhood sustainability. 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 have been combined into a comprehensive bill to expand FHA programs and reform Fannie Mae and Freddie Mac. The bills will allow eligible homeowners to renegotiate the terms of bad mortgages. Further, the measure will provide $4 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. Finally, the measure will provide an additional $180 million for housing counseling and additional licensing for mortgage originators.

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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