Pelosi Statement on House Passage of Helping Families Save Their Homes Act

Pelosi Statement on House Passage of Helping Families Save Their Homes Act

Tuesday, May 19, 2009

Contact: Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi released the following statement on the House's passage this afternoon of the Helping Families Save Their Homes Act by a vote of 367 to 54.

â€Å"The Helping Families Save Their Homes Act will help strengthen the housing market, our economy, and help restore the American Dream of homeownership.

â€Å"The timing of this legislation is critical, as Americans are losing their homes - usually their single largest investment - at an average of nearly every 13 seconds. Both financial institutions and borrowers must work together to prevent more tragic foreclosures. While the overwhelming majority of Americans are responsible managers of their household finances, financial institutions must also act in good faith, lend responsibly, and work to prevent foreclosures that can result in preventable neighborhood blight.

â€Å"I am disappointed that the Senate failed to include crucial mortgage bankruptcy provisions that would have prevented more foreclosures, but this legislation is critical to strengthening our economy by stabilizing the housing market. I look forward to President Obama signing it into law as part of an overdue effort to bring reforms to our financial system and economically empower American families once again.”