Washington, D.C. - Speaker Nancy Pelosi issued the following statement today on the Homeowner Affordability and Stability Plan announced today in Arizona by President Barack Obama. The plan, part of the President's wide-ranging strategy to get the economy back on track, is designed to help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure.
“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 many more American homeowners refinancing alternatives to prevent their homes from being foreclosed.”