OFFICE OF THE MAJORITY LEADER

Housing Clearinghouse

American Housing Rescue & Foreclosure Prevention Act: this bill will amend the Senate-passed H.R. 3221 (As amended by the Senate). Amendments will include:

• FHA Housing Stabilization and Homeownership Retention Act (H.R. 5830) to help struggling homeowners facing foreclosure by allowing them to refinance into affordable government-backed mortgages;
• Housing Tax Assistance Tax Act  (H.R. 5720) to boost homeowner resources with tax provisions that offer credits for first-time homebuyers, improve access to low-income housing and allow families to deduct property taxes, and;
• House-Passed FHA Modernization and GSE Reform (H.R. 1852 and H.R. 1427)

Neighborhood Stabilization Act (H.R. 5818): this bill will prevent neighborhood decline with targeted assistance to states and local government to purchase foreclosed property.

Housing Legislation Summary and Fact Sheets

Financial Services: Summary American Housing Rescue and Foreclosure Prevention Act 

Financial Services: Summary of Neighborhood Stabilization Act 

Speaker: Neighborhood Stabilization Act fact sheet 

Majority Leader: What's Good for Homeowners is Good for the Economy 

Speaker: Stabilizing Housing Is Key to America’s Economic Recovery 

Questions and Answers: Comprehensive Housing Crisis Legislation 

Experts Agree: Comprehensive Housing Crisis Legislation Is Needed for American Economy Recovery 

Speaker: Responding to the Subprime Mortgage Crisis 

Chart: Number of Houses Entering Foreclosure Increased Under Bush Administration 

Statements from Democratic Leadership and Committee Chairmen

Frank Statement on Floor Consideration of the Neighborhood Stabilization Act 

Frank: Financial Services Committee Approves FHA Housing and Homeowner Retention Act Legislation Now Moves for Consideration by the Full House 

Rangel: Ways and Means Passes Bipartisan Housing Tax Relief 

Resources for Constituents

Foreclosure Manual 

News Stories and Op-eds

Wash Post: Rescue Plan Leads Housing Package, 5/2/08 

AP: More Republicans back Democrats' housing rescue, 4/29/08 

Column: Housing Sense in Congress? 4/21/08 

Frank Op-ed: The Case for a Housing Rescue, 3/9/08 

Previous Legislation Passed by the House

• Expanding American Homeownership Act of 2007 (H.R.1852) to expand access to low-cost affordable mortgages through the Federal Housing Administration. This bill is included in this week’s comprehensive housing package;
• Federal Housing Finance Reform Act (H.R. 1427) to strengthen regulations of housing-related Government Sponsored Enterprises Fannie Mae and Freddie Mac to increase mortgage market liquidity. This bill is included in this week’s comprehensive housing package;
• Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to crack-down on predatory lending practices and enhance consumer protections, and;
• National Affordable Housing Trust Fund Act (H.R. 2895) to provide more affordable housing to for low-income families and those who have lost their homes in the current crisis.

Enacted Housing Measures

• Mortgage Forgiveness Debt Relief Prevent (H.R 3648) to protect homeowners from having to pay taxes on cancelled mortgage debt;
• Expanded affordable mortgage loan opportunities through the Federal Housing Administration with a one-year increase in loan limits for single family homes up to $729,750 (2008 Economic Stimulus), and;
• Increased financial counseling resources for homeowners at risk of foreclosure (FY 2008 Omnibus Appropriations Bill).