Snowe Hails Senate Passage of Bill to Help American Families Stay in their Homes

U.S. Senator Olympia J. Snowe (R-Maine) today hailed Senate passage of S. 896, the Helping Families Save Their Homes Act, bipartisan legislation designed to prevent foreclosures, strengthen the housing market and keep America’s families in their homes. S. 896 passed the Senate floor today by a vote of 91 to 5.

"Given the drastic decline of the housing market, and the increasing trend of banks turning to foreclosure proceedings, it is vital for Congress to continue to advance policies to assist with the recovery of the housing market and ensure that American families stay in their homes," Senator Snowe said.  "By providing mortgage servicer safe harbors, amending the Hope For Homeowners Program, and increasing FDIC borrowing authority, this legislation will take critical steps toward addressing the housing crisis, mitigating foreclosures, and assisting our community banks to lend."

The Helping Families Save Their Homes Act would strengthen and expand eligibility requirements for the Hope for Homeowners program, boost the Federal Deposit Insurance Corporation’s (FDIC) borrowing authority by $70 billion and provide continued FDIC insurance coverage for bank accounts of $250,000 and under through 2013. In addition, the Senate passed bill included two Snowe amendments that aimed to safeguard taxpayer dollars.  The Grassley-Snowe amendment would provide the Government Accountability Office (GAO) with the authority to investigate the books of companies receiving TARP dollars an the Boxer-Snowe amendment would provide for additional oversight of the Public-Private Investment Program (PPIP), which removes toxic securities from bank balance sheets.

would strengthen and expand eligibility requirements for the Hope for Homeowners program, boost the Federal Deposit Insurance Corporation’s (FDIC) borrowing authority by $70 billion and provide continued FDIC insurance coverage for bank accounts of $250,000 and under through 2013. In addition, the Senate passed bill included two Snowe amendments that aimed to safeguard taxpayer dollars.  The Grassley-Snowe amendment would provide the Government Accountability Office (GAO) with the authority to investigate the books of companies receiving TARP dollars an the Boxer-Snowe amendment would provide for additional oversight of the Public-Private Investment Program (PPIP), which removes toxic securities from bank balance sheets.