On the same day that a new report showed that housing foreclosures doubled in the second quarter, Republican Senator John Sununu joined only thirteen Senators to vote against a bill to address the growing mortgage crisis and provide relief for struggling homeowners. The legislation Sununu voted against garnered wide bipartisan support, including backing from President Bush and New Hampshire Senator Judd Gregg, and ensures the on going ability of Fannie Mae and Freddie Mac to keep mortgage markets functioning. The bill also enables 400,000 homeowners to refinance into affordable mortgages and save their homes, helps communities hit hard by foreclosures to prevent empty houses from becoming drug and crime magnets, and gives a temporary tax credit to homeowners to offset property tax bills.
“John Sununu showed today just how out of touch he is with the lives of everyday Granite Staters,” DSCC spokesman Matthew Miller said. “At a time when families are struggling with the housing crisis, he sided with a tiny fringe instead of giving them the help they need.”
Sununu in fringe of the Republican Party to vote against legislation.
New Hampshire families are rapidly losing value in their most valuable asset– their homes. In 2007, 2008, and 2009, New Hampshire homeowners are expected to lose a total of nearly $10.9 billion in property value as the housing market continues to fall. [Joint Economic Committee, April2008]
Foreclosure crisis is gathering steam in New Hampshire. In June, foreclosures in New Hampshire were up over 17% from June 2007. [RealtyTrac, 7/10/08]
Every foreclosure drags down neighbors’ property values further.
The mortgage crisis is feeding on itself, as falling prices drive up foreclosures. A new report by the private housing data firm RealtyTrac found that the foreclosure rate more than doubled in the second quarter from the same period last year, as falling home values left increasing numbers of homeowners owing more than their homes are worth, which leads to still more foreclosures. [Bloomberg, 7/25/08;RealtyTrac, 7/25/08]