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Washington, DC - House Financial Services Committee Chairman Barney Frank, today released the following statement regarding floor consideration next week of H.R. 5818, the Neighborhood Stabilization Act of 2008:
“Contrary to some press reports about upcoming housing bills in the House of Representatives, the House next week will consider H.R. 5818, the Neighborhood Stabilization Act of 2008 authored by Rep. Maxine Waters. Because H.R. 5818 deals with consequences of foreclosures, it will be considered separately from housing package that will include the FHA Rescue bill, the GSE Reform Bill, FHA Modernization and a tax measure passed by the Ways and Means Committee. We are fully committed to this measure and in fact, it will be the first housing bill considered next week. This bill is a necessary piece of our response to the problems that started with the subprime lending crisis, has reverberated to other parts of our economy and is causing harm to states, cities and neighborhoods. It has the support of the leadership, my support, and I urge support by all of my colleagues.”
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