Statement of Senator Hillary Rodham Clinton on Senate Passage of Bill to Address Housing Crisis

April 10, 2008 -- Washington, DC -- “Several provisions included in the Senate's housing bill are important proposals, and I am pleased to see them passed today. The additional mortgage revenue bonds to increase affordable housing and refinancing opportunities, the increase in the Federal Housing Administration's mortgage limits which I have pushed for nearly two years,

Century 21 bank foreclosure sign: Photo by Mark Sardella (CC)

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the resources for the states to mitigate the effects of foreclosed and abandoned properties, and the critical provision to provide property tax relief for working families are all important components in addressing the crisis facing our housing market and our economy.

Nevertheless, this is a crisis that has already affected millions of Americans throughout the country, and it is a crisis that is imperiling the financial well-being of millions more right now. I am disappointed that efforts to provide more upfront and immediate relief to prevent foreclosure were blocked, such efforts that include the critical bankruptcy reform provision and the proposal to have the FHA play a larger role in helping homeowners with distressed mortgages. At the same time it is not clear why one of the biggest components of this package is yet another large corporate tax break. If the big businesses can count on Congress to address their immediate needs, there is no reason why Congress and the President cannot do more to meet the immediate needs of the families trapped in this crisis. The President needs to show more than just concern about the plight of working families, and take immediate steps to help push through real relief to help prevent this foreclosure crisis from worsening.

This bill should represent the floor, not the ceiling, of what Congress needs to do to address the crisis, and I will continue to work with my colleagues to ensure that effective measures are included in the final bill. The President and many of his allies in Congress have wasted time criticizing this bill instead of working in good faith toward real solutions for struggling families. It is clear that their inaction and indifference have already inflicted tremendous harm on working families, and more of the same is not a substitute for the action and leadership necessary to solve this crisis and keep working families in their homes.”

Source: Senator Hillary Clinton