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Rep. Jerry McNerney

Mr. Speaker, I rise to advocate an aggressive response to the housing crisis.

Last year, 30 percent of California homeowners with mortgages were underwater. That's one of the highest rates in the country. To improve our economy, we must fix the broken housing market. Large banks simply wait out short-sale offers, which kills the process.

Back home, I hear from people who are trying to secure short sales and have to wait for months or longer to get a decision from their lender. That's absolutely unacceptable. Banks need to treat people fairly, which is why I'm a cosponsor of H.R. 1498, the Prompt Decision for Qualification of Short Sale Act. This is a bipartisan bill that requires lenders to make a decision within 45 days to approve or disapprove a short sale. This bill simply makes sure that prospective homeowners receive a decision from their banks in time to be useable.

I ask my colleagues to join me in supporting this legislation so we can break up the housing market logjam.