The Home Retention and Economic Stabilization Act of 2008 introduced today by Congresswoman Doris Matsui, will help thousands of homeowners to delay foreclosure while they seek assistance in modifying their home mortgages. 

America’s working people are quickly losing their homes, and real solutions must prioritize helping real people, not just Wall Street bankers.  Foreclosure filings for April rose 65 percent from a year earlier and 4 percent from March.  Last month alone there were foreclosure filings on 243,353 properties, with the highest foreclosure-filing total belonging to California with 64,683 properties. 

As working families face credit woes and declining home values hit homeowners, this legislation takes the step needed to provide relief for thousands.  Congresswoman Matsui should be applauded for her efforts on behalf of working families in California.  Other members of Congress should support her call for a deferment period that will provide the time that homeowners desperately need to seek real assistance with their mortgage problems.

Contact:  Steve Smith 202-637-5018