Congresswoman Carolyn McCarthy voted with the majority of her colleagues in favor of HR 5818, the Neighborhood Stabilization Act of 2008, and HR 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008. These two bills will help provide relief to millions of Americans and prevent foreclosures nationwide.
The Neighborhood Stabilization Act provides $15 billion in loans and grants to states to purchase, rehabilitate and sell vacant, foreclosed homes. The legislation will allow local communities to rehabilitate foreclosed properties, which drive down surrounding home property values, and place these homes back on the market.
As a member of the Financial Services Committee, McCarthy included important language in the bill that encourages states to provide preferences for the housing needs of first responders, public school teachers, and nurses working in underserved areas.
"I am committed to doing everything that I can to help Long Island families get through the current housing crisis," McCarthy said.
Of her legislation, McCarthy added, "This bill will assist people trying to live out the American dream of owning a home. In a time when people are losing their homes at record rates, the Neighborhood Stabilization Act will give preferences to those serving our communities and allow families on the brink of foreclosure a chance at saving theirs."
McCarthy also voted in favor of the American Housing Rescue and Foreclosure Prevention Act, which will provide mortgage refinancing assistance, keeping families from losing their homes and protect neighboring home values. The plan also expands programs run by the Federal Housing Administration (FHA) that will allow borrowers in danger of losing their home to refinance into lower-cost government-insured mortgages they can afford to repay. However, to ensure that assistance continues to reach those at-risk of foreclosure, McCarthy inserted language requiring that lenders notify housing counselors and urge them to inform people facing foreclosure of available foreclosure prevention services.