House Approves Homeowner's Protection Bill

Press Release from Democratic Majority Whip James Clyburn
November 8, 2007

WASHINGTON, DC—House Majority Whip James E. Clyburn today released the following statement regarding House passage of H.R. 3355, the Homeowners’ Defense Act of 2007.

“Today, the New Direction Congress passed legislation that will help homeowners better recoup property damages suffered from catastrophic natural disasters such as the recent California wildfires.

“This legislation authorizes the Secretary of Treasury to implement a national homeowners' insurance stabilization program that grants liquidity loans to state and regional reinsurance programs for the purpose of making home insurance more affordable. These loans will also help to make homeowners’ insurance more available and solvent.

“Owning a home is part of the American Dream and no homeowner should have to be burdened with undue delays in restoring property that has been decimated by a hurricane, tornado, or wildfire.”



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