Isakson Praises Passage of Legislation to Stimulate Housing Market

U.S. Senator Johnny Isakson, R-Ga., today praised the Senate’s passage of legislation to stimulate the nation’s declining housing market. The legislation passed by a vote of 63 to 5.

“One thing we must do is improve the plight of the American people economically, and there are two things overwhelming average Americans today. One is the price of gas at the pump. The second is the declining value of equity in their homes,” Isakson said. “This legislation incentivizes buyers to come back to the marketplace. It provides liquidity to refinance loans that are under water. It motivates, inspires and provides liquidity in the marketplace through Freddie Mac and Fannie Mae that does not exist right now.”

The comprehensive legislation is designed to stimulate the nation’s declining housing market as well as strengthen the regulation of Freddie Mac and Fannie Mae. It also modernizes the Federal Housing Administration and expands the FHA’s loan insurance programs aimed at helping borrowers avoid foreclosure.

The legislation will now return to the House of Representatives for consideration. Isakson urged the House to immediately pass the bill.

“We cannot afford to delay this legislation, which will help bring back a prosperous, healthy housing market and a disciplined, well capitalized and liquid mortgage market,” Isakson said. “Every day we wait is a protraction of the current economic difficulty in the housing market.”