Pelosi: 'Americans are Facing a Housing Crisis Unseen in Generations and Congress Must Act Immediately'

April 22, 2008

Washington, D.C. - Speaker Nancy Pelosi today issued the following statement after the State Foreclosure Prevention Working Group, comprised of a group of state attorneys general and state banking regulators, issued a report confirming the need for stronger action to help millions of American families avoid foreclosure:

"This week, the House Financial Services Committee will consider legislation that will aggressively address our housing crisis by expanding the FHA program to help at-risk borrowers refinance unaffordable mortgages. I stand ready to work with the President and the Senate on a viable, consensus-based, and financially prudent package of housing policy reforms that can help families keep their homes and avert a wider foreclosure crisis.

"In addition to paying high prices for gas, groceries, college and health care, millions of Americans now find themselves owing more on their mortgages than their homes are worth, confronting higher monthly payments, and risking foreclosure.

'Americans are facing a housing crisis unseen in generations and Congress must act immediately.'