Congressman Dreier voted to approve legislation aimed at helping homeowners facing foreclosure keep their homes and stabilizing the housing market. The Foreclosure Prevention Act, H.R. 3221, was approved with bipartisan support. Dreier said that while the bill was not perfect, it was a crucial step in getting the faltering economy back on its feet. “This bill involved a lot of compromise, and it is not a perfect solution to the housing crisis. But it does provide critical assistance to families who are facing the loss of their homes. It also incentivizes responsible lending for first-time home buyers. Affordable housing is a key to the American dream. We have to take steps to prevent the nightmare of foreclosure from affecting more and more people.” H.R. 3221 gives the Federal Housing Administration $300 billion in new lending authority to help homeowners trade high risk loans for more affordable payments. It also provides $15 billion in housing tax breaks, including for low-income housing. Additionally, the legislation provides emergency assistance to lenders Fannie Mae and Freddie Mac.