Colorado homeowners need real help right now. That’s why I am proud to have voted for the Helping Families Save Their Homes Act of 2009, which will help middle class families stay in their homes. This Act takes real action to stem the tide of foreclosures, assist homeowners and strengthen our housing sector. This legislation will also help homeowners by making it easier for lenders to modify mortgages. Earlier, I voted against one amendment to the overall bill, the Durbin amendment, also known as “cramdown.” I voted against this amendment for three simple reasons -- it was not tailored narrowly enough to those who need it most, it would have raised interest rates, and it would have slowed down the housing recovery. The last thing working families and our fragile economy needs to face is higher interest rates.
Thousands of Colorado families continue to be at risk of losing their homes and financial ruin as a result of unscrupulous lending practices over the past few years. They need our help now to protect their futures. That’s why I voted against this specific amendment that would have given debt relief to people with million dollar homes, and would likely cause a spike in interest rates that could cripple the housing recovery.And that is why I have taken on the credit card industry and in March, I placed the deciding vote for passage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act out of committee. Endorsed by virtually every consumer protection organization, the legislation will protect consumers from confusing, misleading and predatory practices by credit card companies. I am now working with Senator Udall to ensure that the legislation passes the Senate.
Comments are closed for this post.
