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ICBA Commends House Lawmakers for Advancing Bill to Bolster Troubled Housing Market

Washington, D.C. (May 8, 2008)—The Independent Community Bankers of America (ICBA) commends the U.S. House of Representatives for passing the American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221), a bill which bolsters the troubled housing sector.

"Common sense community bank lenders believe this bill will help alleviate the challenges facing the troubled housing sector and the broad economy," said Cynthia L. Blankenship, ICBA chairman and vice chairman and chief operating officer of Bank of the West, Irving, Texas. "ICBA is particularly pleased that the House included an ICBA-supported first-time homebuyer tax credit in the bill. The housing bill provides hope to homeowners who need help in alleviating housing problems they face."

ICBA thanks House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) and House Ways and Means Chairman Rep. Charles Rangel (D-N.Y.) for their leadership in this effort.

Among several ICBA-backed provisions included in the House-passed measure are:

  • A first-time homebuyer tax credit initially proposed as part of ICBA's nine-point economic stimulus proposal presented to Congress in January.

  • Federal Home Loan Bank Community Development provisions that would expand FHLBanks' support for communities by increasing the number of community banks eligible for advances used to fund small business and agricultural loans and expand collateral to include community development loans.

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