(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA), Chairman of the Senate Housing Appropriations Subcommittee, released the following statement after President Obama announced the Homeowner Affordability and Stability Plan.  The plan is designed to prevent up to 9 million Americans from losing their homes.

“This plan represents a lifeline for millions of American families trapped under their own mortgages. It is also a key part of the financial recovery effort necessary to get our entire country moving again. Not only will this plan help families facing foreclosure, it will help protect neighborhoods, communities and jobs from the ripple effects of this national crisis.

“The President’s plan includes many of the common sense steps that struggling families, Congress, and housing experts have been calling for. It helps families, not speculators.  It focuses on those who have fallen behind, not those who could never afford their mortgages in the first place. And it provides real relief, not empty promises.

 “In our state, thousands of families receive a foreclosure notice each and every month. Many of these foreclosures are the result of lost jobs, skyrocketing health insurances costs, and the damage inflicted by this recession.  Still others are the result of poor financial choices and families living beyond their means. As we move forward with this difficult but necessary step, it’s important to remember how we got here and to take steps to return accountability to both lenders and borrowers.

“Today, we are all affected by the collapsing housing market and we all have an interest in turning things around.  This plan offers a true chance at stemming the tide of foreclosures, preventing this crisis from further weakening our economy, and shoring up housing prices for everyone.”