U.S. Conference of Mayors President Manny Diaz Releases Statement on Foreclosure Prevention Act

I was encouraged by recent reports, confirmed by the White House, that President Bush has dropped his opposition to the Foreclosure Prevention Housing Act which contains the much needed investment of the $3.9 billion dollar neighborhood stabilization initiative that is direly needed to meet the national problems that now exist in our cities due to the national home mortgage crisis.

As President of the U.S. Conference of Mayors, I now join with the nation's mayors in calling for the legislation's swift passage in both the House and the Senate. Below is my full statement:

“As President of the United States Conference of Mayors, I --- along with the nation’s mayors --- are pleased with recent reports confirmed by the White House that President Bush has dropped his opposition to the Foreclosure Prevention Housing Act with contains the much needed investment of the $3.9 billion dollar neighborhood stabilization initiative that is direly needed to meet the national problems that now exist in our cities due to the national home mortgage crisis.

We now call on the House and the Senate to rapidly approve this legislation to be sent immediately to the White House for Presidential signature.

At issue and the critical issue today --- is the method of distribution of this national investment.

As the President of the U. S. Conference of Mayors I speak for the nations’ mayors and we pledge full cooperation with the Administration and the Department of Housing and Urban Development to make certain that this national investment of federal money is forwarded to our cities in a fair and targeted distribution formula to meet the needs of our people --- to repair the present devastation --- to prevent further devastation to the life savings of our people, the majority, living and working in many neighborhoods of our cities across America..” .