Martinez: Congress Must Take Additional Steps to Help Stem Mortgage Crisis

Senator urges bipartisan cooperation to address issues affecting homeowners and larger economy

WASHINGTON – U.S. Senator Mel Martinez (R-FL) today called for quick action by Congress to address the ongoing mortgage crisis affecting Florida and the nation. In a speech on the Senate floor, Martinez called for specific solutions to help alleviate the fallout of the mortgage crisis and stabilize the overall housing market. The senator today voted in favor of the Senate proceeding to the housing debate.

“To work through this crisis, the Senate needs to address three issues – homeowner assistance, marketplace recovery, and long-term regulatory reform. First, we have to modernize the Federal Housing Administration. We need to make sure that families who already have gotten into trouble, who have gotten behind on their payments, will be able to utilize the FHA Secure program. This will allow families to get into an FHA mortgage that they can afford and out of trouble,” said Martinez. “To stimulate housing demand and stabilize the market, we should provide a tax credit to lower the inventory of unoccupied homes. I also want for us to look at the long-term and the need for regulatory reform. We need a stronger, more effective regulator to ensure the Government Sponsored Enterprises, Fannie Mae, Freddie Mac and the Federal Home Loan Banks, do all they can to achieve their mission of helping low-income families with affordable home loans.”

Martinez also called on members to check their politics at the door and work with bipartisan cooperation to address the issue.

“This is a time for the Congress to take strong and significant action to try to have an impact on what is a deteriorating situation. There are things we can do and there are areas in which we must act but time is of the essence,” Martinez concluded.