Rep. Lois Capps, D-Santa Barbara, on Wednesday celebrated enactment of the bipartisan American Housing Rescue and Foreclosure Prevention Act of 2008 (House Resolution 3221), recently passed by Congress to help homeowners and communities tackle the growing housing crisis.

The measure also provides resources to help Fannie Mae and Freddie Mac confront recent financial challenges brought on by the housing crisis and to institute reforms to prevent future crises. 

“I’m so pleased the president has finally relented and joined the Democratic-led Congress in recognizing the crisis in our housing market and the need to provide help for homeowners and communities through this difficult period,” Capps said. “Up and down the Central and South coasts, I have heard repeatedly from homeowners who are struggling to hold on to their most precious part of the American dream — their home. … It’s important that we take this action now to help our families, communities and financial institutions through this difficult period and to put in place new reforms to prevent these problems from happening in the future.”

Emily Kryder is press secretary for Rep. Lois Capps, D-Santa Barbara.