WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today on the Obama Administration’s plan to help address urgent problems facing homeowners:
“Today, President Obama announced plans to increase assistance to responsible families struggling to keep their homes in the wake of the housing market collapse. While home prices have begun to stabilize under Democratic economic policies, the effects of the crash and unemployment have depressed local economies and made it difficult for middle-class families to stay in their homes across America—particularly in the hardest-hit states, where average home prices are down more than 20% from their peak. Conditions in those states, where many families owe more in mortgages than their houses are worth, make it especially difficult to sell homes.
“The President’s plan would use federal funds to assist state and local housing agencies develop innovative programs to stabilize housing markets and help struggling homeowners renegotiate mortgages. It’s an important step even for families who don’t face foreclosure, because a wave of home foreclosures can weaken an entire local economy. I look forward to working with President Obama to implement these much-needed housing policies and to pass job-creating legislation to strengthen our communities’ recovery.”