Projo Politics Blog

Representatives James R. Langevin and Patrick J. Kennedy voted Wednesday in the commanding House majority that passed legislation intended to rescue failing mortgages and bolster confidence in the giant companies that handle much of the nation's housing credit.

Langevin called the bill ``an important, common-sense response to the housing crisis and will help strengthen Rhode Island families and our national economy," said Langevin.

"In addition to direct assistance to homeowners, a key component of the package is language that will restore confidence in Fannie Mae and Freddie Mac, our nation's largest mortgage backers. I am also glad the President has finally lifted his misguided veto threat and will not stand in the way of assistance to local governments to purchase abandoned and foreclosed properties."

"As the economy continues its slide into recession and Americans are losing their homes at a record pace, it is vital to the state of the country and Rhode Island that the Foreclosure Prevention Act of 2008 becomes law," said Kennedy. "This bill will provide Americans with the relief they so desperately need and is a crucial step towards stabilizing the American economy and keeping American families where they belong -- in their homes," he said.

The bill now moves to the Senate, where Senators Jack Reed and Sheldon Whitehouse will support it. Reed had a hand in creating the financing mechanism for fund to help refinance mortgages and stem the tide of foreclosures. In future years, the fund will be devoted to housing assistance for poor people.

 Tags  foreclosure Kennedy langevin mortgage

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