[Congressional Record (Bound Edition), Volume 154 (2008), Part 8] [Extensions of Remarks] [Page 11449] [From the U.S. Government Publishing Office, www.gpo.gov]THE AMERICAN HOUSING RESCUE AND FORECLOSURE PREVENTION ACT ______ HON. BOBBY L. RUSH of illinois in the house of representatives Wednesday, June 4, 2008 Mr. RUSH. Madam Speaker, I rise today in support of H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act. This legislation provides much needed mortgage refinancing assistance to combat the symptoms of our stressed, strained, and stagnant economy. H.R. 3221 provides relief and stability to hard working Americans who find themselves threatened with losing their homes. Specifically H.R. 3221 authorizes the Federal Housing Administration to provide lower cost government-backed mortgages for borrowers to avoid foreclosure. This bill is not intended to bail out borrowers; instead, it is a surefire way to sustain our economy by giving homeowners a chance to pay their loans in a reasonable and responsible manner. And provides financial counseling for families to remain in their homes and expands home loan opportunities for low-income families and veterans in high cost areas. This bill is what our communities need. Just in the great state of Illinois; out of 1.7 million serviced loans in 2007, already over 500,000 are seriously delinquent or more than 90 days past due. It will insulate our neighborhoods from the effects of widespread foreclosures and crime. It will prevent our residents from experiencing the crippling hardships that are strongly associated with our struggling economy. And it will make the American dream of homeownership for all a reality instead of a nightmare. Madam Speaker, H.R. 3221 is critical at this time of economic uncertainty. I urge my colleagues to join me in support of this important legislation. ____________________