Washington, DC—Senate Majority Leader Harry Reid made the following statement today after the U.S. Senate passed a housing bill that reforms regulation of the Government Sponsored Enterprises, modernizes the FHA, helps families avoid foreclosure and establishes an affordable housing trust fund to help low-income families:
“After months of Republican delay, Senate Democrats led passage of a responsible bill to address the worsening foreclosure crisis, which is the root of the broader economic crisis. By helping Americans keep their homes and their home equity, we are restoring stability to the housing market and helping businesses and communities hurt by this crisis not only recover, but also create new jobs. This bill will help prevent another crisis of this magnitude, stop foreclosures before they begin and preserve for future generations the American Dream of home ownership.
“Bush-McCain Republicans have been shamefully slow to act. Each day they stalled, nearly 8,500 new families filing for foreclosure – on top of already accelerating foreclosure filings that were 53 percent higher in June than in the same month the previous year. The time for delay has passed. We look forward to quickly reconciling remaining differences with the House and sending this bill to the President for his signature.”