Washington, D.C. – Today, Carolyn B. Maloney, Chair, Joint Economic Committee, released the following statement after hearing the details of President Obama’s Homeowner Affordability and Stability Plan:
“We understand that homeowners and neighborhoods are struggling and this plan will provide much needed relief. President Obama’s plan will stem the tide of foreclosures by reducing mortgage payments for families who are either underwater or at risk of losing their home. But all homeowners will benefit from slowing the downward spiral of prices caused by an excess supply of vacant homes for sale. The indirect benefit to homeowners is greatest in neighborhoods where high foreclosure rates are pulling down home values for everybody. The Administration’s plan is not a panacea, but it does offer needed help to homeowners caught by the collapse of housing prices.”
The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
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