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Yarmuth Supports Passage of Comprehensive Plan to Support Homeowners, Address Mortgage Crisis

Yarmuth Supports Passage of Comprehensive Plan to
Support Homeowners, Address Mortgage Crisis


(Washington, DC) Yesterday, Congressman John Yarmuth (KY-3) backed the most comprehensive response yet to the American mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act, which passed the House last night, will help families keep their homes, aid local communities hit hard by the foreclosure crisis and strengthen the economy and financial markets.

“Many Americans have been forced out of their homes, others have watched their property value skid, while millions more have abandoned the dream of home ownership altogether.  These conditions have had a ripple effect that has weakened our entire economy,” Congressman Yarmuth said.  “The bill we passed yesterday will help homeowners keep their homes, encourage new ownership, and get our economy back on track.”

Last week, Yarmuth successfully called on Leadership to include a provision in the bill that would offer first time homebuyers tax incentives to make ownership more attainable and encourage perspective buyers to get in the market. 

In addition, this legislation will provide a much needed boost to the housing market by:

  • allowing hard-working American families in danger of losing their home to refinance into lower-cost government-insured mortgages they can afford to repay – at no cost to the American taxpayer;
  • giving state and cities resources to buy and rehabilitate foreclosed properties to stabilize neighborhoods;
  • creating an affordable housing trust fund;
  • shoring up Fannie Mae and Freddie Mac.


The legislation has earned the support of Democrats and Republicans in both the House and Senate and President Bush has indicated that he will sign the bill into law.