Assault on Middle Class Homeowners
The Republicans have had control of this chamber for 11 weeks now, and yet they still have no plan to create jobs and spur our economic recovery. Instead of tackling unemployment, my Republican colleagues are again targeting vital programs designed to keep families in their homes.
The Republicans are proposing to terminate the Home Affordable Modification Program, which provides critical mortgage modifications to deserving homeowners who are facing devastating foreclosures. To date, more than 600,000 homeowners have received a permanent mortgage modification, and tens of thousands of Americans are joining their ranks each month.
The Republicans also want to eliminate the Neighborhood Stabilization Program, which works to stabilize areas hard-hit by the housing crisis by helping states and cities purchase foreclosed homes and protect the value of our communities. My home state of New Jersey is slated to receive over $11.5 million dollars through this program.
Mr. Speaker, This is funding that my constituents need to help redevelop our communities, create jobs, and grow our local economies. I urge my colleagues to stop blindly cutting programs and focus on legislation that will create jobs and move our economy forward.
I yield back.