Mounting foreclosures have been a drag on the economy, lowering home values, shaking consumer confidence and market stability, limiting the availability of credit, and depressing overall economic growth. It is abundantly clear that in order to turn this economy around, we must address the housing crisis.
In a speech last night, Federal Reserve Chairman Ben Bernanke argued that: “High rates of delinquency and foreclosure can have substantial spillover effects on the housing market, the financial markets, and the broader economy. Therefore, doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It's in everybody's interest.”
Read more about the major housing legislation on the House Floor this week that will help homeowners while strengthening our economy.