Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to the White House’s announcement that the President has reversed course and supports Congress’s housing bill that the House is expected to send the Senate today. The bill helps families and our nation’s service members avoid foreclosure, shores up our nation’s mortgage market by reforming regulation of the Government Sponsored Enterprises and modernizing the FHA, and establishes an affordable housing trust fund to help low-income families:
“It is about time the President finally dropped his stubborn opposition to this important bill and finally realizes, as Democrats long have, that we must act immediately to address the housing 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.
“The nearly 8,500 new families filing for foreclosure each day can no longer wait for help, and Congress should not wait any longer to give it to them. I hope Senate Republicans are willing to not only abandon their stalling strategy, but are also willing to waive unnecessary procedural time so we can send this bill to the President as soon as possible.”