WASHINGTON, DC – U.S. Senator Kit Bond today praised his colleagues in the Senate for moving forward on a proposal to help families and neighborhoods suffering from the current housing crisis.
“For too many families across this country the American Dream is slipping away, one vacant home at a time,” said Bond. “This agreement is an important step in bringing real housing relief to these families now and to prevent another crisis in the future.”
Ending a stalemate in the Senate, Republicans and Democrats agreed today to work towards a compromise on a comprehensive housing proposal. Following the agreement the Senate voted 94-1 to move forward with housing legislation. As a co-author of the Republican proposal – the Security Against Foreclosure and Education (SAFE) Act – Bond called this agreement an important step in getting a bill signed into law.
Bond expects many of the components in his bill – which has received bipartisan praise – will be included in the final housing package that will be unveiled tomorrow, including allowing State Housing Financing Agencies to issue $10 billion in tax-free bonds to refinance distressed subprime mortgages; expedited delivery of $180 million in counseling funds to help homeowners avoid foreclosure; and tougher loan transparency and disclosure requirements.
During the Easter recess, Bond met with families, community advocates and housing officials to discuss the current housing crisis, the best solutions to provide immediate relief and how to prevent this crisis in the future as part of a five-city housing tour across Missouri. Bond noted that the provisions he supports will provide struggling families and communities the targeted, temporary help they need.