Summary and Background
Democrats are working to make the American Dream affordable again for middle-class families struggling with the rising cost of living, the shrinking job market, and a housing foreclosure crisis that threatens America’s hard-working families, their communities, and the economy. Senate Democrats have developed a bipartisan package of legislative initiatives that, if enacted, would help to stabilize the market and provide relief to hundreds of thousands of Americans who, due to no fault of their own, are struggling to keep their homes. This legislation addresses the root of our current economic problems – the foreclosure crisis – and takes a step in the right direction toward getting our economy back on track.
During the week of June 16, 2008, the Senate is expected to begin consideration of the Housing and Economic Recovery Act of 2008, when it is offered as a substitute amendment to H.R.3221, the Foreclosure Prevention Act of 2008. This legislative package would enact: