WASHINGTON, July 29 /EMWNews/ -- Speaker Nancy Pelosi

issued the following statement today on the American Housing Rescue and

Foreclosure Prevention Act, which passed Congress with bipartisan support

last week. The bill is being enrolled by the House and the Senate this

afternoon and will be sent later today to the President, who has announced

that he will sign it into law.



    "The New Direction Congress has passed the most far-reaching and

historic reform of our nation's housing finance system in a generation to

restore confidence and stability to the housing market, the broader

financial markets, and to get our economy moving and creating jobs again.



    "By helping Americans avoid foreclosure, cracking down on predatory

lending, protecting communities from the blight of abandoned homes, and

providing generous tax incentives to encourage home ownership, this

legislation will help strengthen the housing market and create jobs.



    "This bill would not have happened without the outstanding leadership

of the principal House authors, Chairman Barney Frank and Chairman Charles

Rangel, as well as the strong efforts of Congresswoman Maxine Waters, who

ensured that communities across America will receive funds to restore

neighborhoods and prevent further declines in home values. I also want to

thank Treasury Secretary Henry Paulson, who worked closely with Democrats

in Congress to pass this legislation and ensured that the President would

sign it into law.



    "Homeownership is an essential part of the American Dream. By expanding

homeownership opportunities and protecting families against foreclosure, we

are helping keep the American Dream alive. By restoring confidence in the

housing market, our economy can begin to grow and create jobs for the

American people again."