WASHINGTON, DC – Majority Leader Steny Hoyer (MD) released the following statement today after President Obama unveiled a new Homeowner Affordability and Stability Plan to address the home mortgage crisis and prevent seven to nine million Americans from losing their homes:
“The impact of the housing crisis has been widespread and deep, devastating homeowners and communities throughout the nation, and launching the worst economic decline since the Great Depression.
“Today, President Obama laid out a comprehensive plan to reduce the alarming rate of foreclosures crippling the housing market and undermining our economic stability. Under the President’s plan, three to four million homeowners at risk of foreclosure will qualify for loan modification, another four to five million will be able to refinance into more affordable loans, and further steps will be taken to strengthen the mortgage market and keep home loan rates low.
“The health of our economy depends on our ability to address the root of the problem. I am pleased that the Obama Administration has heeded the calls of Congress to take more aggressive action to mitigate foreclosures as part of the broader plan to strengthen the economy. We look forward to working with the President on continuing efforts to address the housing crisis, including further reforms to prevent foreclosures and keep people in their homes.”