The housing crisis has particularly affected our region, and many homeowners are working hard to hold on to their part of the American dream. We need to provide help to those who need it, but need to be careful not to offer a bail-out to scam artists and irresponsible speculators who created the credit crunch in the first place. Credit counseling, consumer protections from predatory lenders and tax relief for those seeking to refinance their mortgages are all key to bringing an end to this crisis and building a bright future for millions of families. Congressman Dreier is committed to ensuring that borrowers are protected from predatory lending and able to access the resources they need stay in their homes. Over the last several years, Congressman Dreier has supported:

• Congressman Dreier supported the Economic Stimulus Act of 2008 which provided 132 million American taxpayers with approximately $150 million in stimulus payments to inject money into the economy and temporarily raised the conforming loan limit, making mortgages more affordable in high-cost areas of the country, like Southern California.
• He also voted to approve the Mortgage Reform and Anti-Predatory Lending Act of 2007 which includes language to: prevent predatory lending practices by requiring that all mortgage lenders become licensed and registered under state or federal law; and provide enhanced consumer protection by requiring banks to ensure that individuals who apply for have the ability to repay them.
• Congressman Dreier also voted for H.R. 3648, the Mortgage Forgiveness Debt Relief Act (P.L. 110-142) which contained provisions to reduce additional burdens on individuals as they sell or refinance their homes by eliminating the taxation of forgiven mortgage debt through 2009.

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