Rep. Joe Baca pushes foreclosure bill

With the meltdown crisis looming, Rep. Joe Baca, a Democrat from Rialto, urged his colleagues to include legislation from his bill the Family Foreclosure Rescue Corporation Act, into a new version of the proposed financial rescue legislation which failed to pass the House, according to a news release. 

The bill creates a new entity within the federal government, the Family Foreclosure Rescue Corporation (FFRC), that would be responsible for financing loans to people currently in foreclosure or in serious default. 

Rep. Baca voted against H.R. 3997, the Emergency Economic Stabilization Act of 2008, because he felt the legislation did not do enough to help everyday Americans, in particular distressed homeowners.
 
"With San Bernardino and Riverside counties currently ranking fifth in the nation in overall rates of foreclosure, too many Inland families and children have been hurt by this crisis," said Rep. Baca.  "My bill language can reverse this trend, and keep families in homes by providing immediate assistance to those who are already suffering through foreclosures.  It is critical to include this homeowner assistance in any financial rescue legislation.  If we are going to help the people on Wall Street who caused this crisis, then we need to take care of our families."