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We Need to Do Everything We Can to Keep Families in Their Homes (Rep. Charlie Wilson)

by Ohio Dem. Rep. Charlie Wilson - 02/14/08 10:15 AM ET

Ohio is one of the states suffering the most because of this sub-prime mortgage crisis. We need to do everything we can to keep families in their homes during this difficult time. I’m pleased the Administration is reaching out to encourage the private sector to wait an additional 30 days to make sure all options have been carefully examined before final foreclosure proceeds begin.

Still, it’s going to take a complex web of responses and corrections to get us out of this crisis. Last year I introduced and successfully passed language that cracks down on inflated home appraisals within the FHA loan program. That FHA Fair Appraisals Act was effectively rolled into the Expanding American Homeownership Act of 2007 which was passed by the House. I’m hopeful the Senate can complete its work on FHA modernization so families can buy homes they can afford with loans that won’t bankrupt them.