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On President Obama's Housing Plan

President Obama's unveiling of his Homeowner Affordability and Stability Plan represents a comprehensive strategy to reduce record foreclosures and stop the nationwide plunge in home values. Addressing the foreclosure crisis is essential to get our economy moving again.

Congress stands ready to complement the Administration's efforts by acting on Judiciary Committee Chairman John Conyers' legislation to reform our bankruptcy laws, so that judges can modify mortgages and responsible homeowners can stay in their homes. We will also act on Financial Services Committee Chairman Barney Frank's legislation to improve the Hope for Homeowners program, which will provide millions of American homeowners refinancing alternatives to prevent their homes from being foreclosed.

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