Press Center: News Releases
AARP Comments on Senate Housing Bill Final Passage
News Release
April 10, 2008
David Sloane, AARP Senior Vice President, issued the following response to the U.S. Senate’s passage of the “Foreclosure Prevention Act of 2008”:
“AARP is disappointed the legislation failed to include needed provisions that would help prevent foreclosures. While we appreciate the inclusion of the reverse mortgage provisions of the FHA Modernization Act, we hope this bill is the down payment on a broader overall effort to protect millions of American families from the crashing housing market.
“AARP has been working with Congressional leadership to modernize the Federal Housing Administration and expand access to government-backed reverse mortgages, while limiting the high fees charged. We are grateful for the broad bipartisan support on these provisions that will help older homeowners tap into the equity in their homes in order to pay for necessities like long-term care needs, home repairs, and emergencies.
“However, we are now looking to leaders in the House of Representatives, as well as further efforts in the Senate, to provide help that would allow millions of families prevent foreclosure on their homes. We will work with leaders in both chambers on a broader bipartisan package that will include common sense solutions, like extending bankruptcy protections – already available on yachts and vacation homes – to also include a family’s primary home. These protections are needed to help homeowners remain in their homes while they work out payment schedules.
“Congress showed us earlier this year that it can overcome partisan obstacles to directly help Americans feeling the pressure of the tightening economy. We are hopeful they can come together again to help families stay in their homes and protect their financial security.”
About AARP
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 33 million readers; AARP Bulletin, the go-to news source for AARP's 39 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.