Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON – Today, Congressman Dennis Cardoza praised Senate Republicans for their work on a proposal to refinance home mortgages at 4-percent interest rates for up to 40-year terms.

“The foreclosure crisis is at the heart of our nation’s financial meltdown. I am pleased to see not only a bold, far-reaching solution emerging in the Senate, but from across the aisle. This is the exact bipartisan cooperation that President Obama has called for.”

On January 7, Congressman Cardoza, D-Calif., introduced the Housing Opportunity and Mortgage Equity Act. Under the HOME Act all current homeowners and qualified borrowers could receive a fixed 4-percent interest rate with a fixed 30-year or 40-year term.

This week, Republican leaders announced interest in a similar proposal and said it could be included in the economic stimulus package expected to be taken up in the Senate next week. 

On Tuesday, Senate Republican Conference Chair Lamar Alexander talked about the mortgage issue with President Barack Obama at the party’s luncheon. It was again discussed during a mark-up meeting by the Senate Appropriations Committee.
Minority Leader Mitch McConnell also discussed the need to address housing issues with the Republican Steering Committee.

“I am very encouraged by the support that this proposal continues to gain and hope to see it either in the final stimulus package or as a stand-alone bill,” said Congressman Cardoza. “I have continued to argue that addressing the foreclosure crisis is the surest way to help our economy recover. I applaud the efforts being made by the Senate and I look forward to working with all of my colleagues on a bipartisan basis to ensure this proposal is in the final stimulus package sent to President Obama.”