Larson: Today, We Took a Step Towards Saving Families' Home
March 5, 2009
WASHINGTON, DC – Today, the House of Representatives passed fair legislation to help keep American families who are facing foreclosure in their homes. Without spending any taxpayer money, the legislation gives bankruptcy court judges the chance to modify existing mortgages for families who file for Chapter 13 bankruptcy. Chapter 13 is not an easy way out of debt. It is a cumbersome and invasive process that requires a family to open up their finances to the oversight and management of the courts for five years.
Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, said:
“The American Dream has been bruised and damaged by the record level of home foreclosures we’ve seen in this country over the last year. Millions of Americans either have or are at risk of losing their homes. The legislation we passed in the House today is a fair response to this crisis. Without spending one federal dollar it could keep hundreds of thousands of families in their homes. The Helping Families Save Their Home Act gives average Americans who own one home the same rights to keep that home when they face bankruptcy as investors and speculators who own two, three or more houses. The aspirations of the American Dream should apply to everyone, not just the wealthy.
Stabilizing the housing market is an important piece of our economic recovery. As long as Americans are losing their homes, the foundation of our economy and our neighborhoods is shaky. This legislation, along with President Obama’s plan to keep 8-9 million families in their homes will go a long way to restoring our communities and keeping the American Dream intact.”
