March 6, 2009
March 6, 2009
Dear Friend,
Thank you for reading another edition of my e-newsletter, the Carson Courier.
In this week's Carson Courier:
Daylight Saving Time Reminder
Bringing Down Rates to Prevent Foreclosures
Transparency in the Stimulus Package
DAYLIGHT SAVING TIME REMINDER
It is time for us to once again adjust our clocks as we officially begin this year's observance of Daylight Saving Time. At 2:00 a.m. this Sunday, time in Indiana and across most of the United States will move forward one hour providing us all with an extra hour of daylight in the evening. So, before you go to bed on Saturday, be sure to set your clocks, cell phones and computers forward one hour and prepare for a little less sleep.
ADJUSTING MORTGAGES TO PREVENT FORECLOSURES
Over the last year, our ongoing foreclosure crisis has devastated thousands of families in countless neighborhoods across Indianapolis. This year could be worse, with nearly 3,000 Indianapolis families having lost their homes in the last two months. If immediate action is not taken, an estimated 49,400 Hoosier households could fall into foreclosure by the end of 2009.
As our deepening national recession proceeds into its second year, it has become clear that our economy cannot recover without immediate action to stem this foreclosure crisis. This week, I proudly joined my colleagues in the House to pass the Helping Families Save Their Homes Act. When enacted, this legislation will permit bankruptcy judges to extend repayment periods, reduce interest rates and principals, and otherwise adjust mortgage terms to help keep struggling families in their homes. This legislation takes a balanced approach by protecting lenders from lawsuits when they make reasonable loan modifications, reducing fees that have long discouraged lenders from voluntarily altering loan terms, and ensuring that homeowners pursue every possible option to avoid bankruptcy proceedings.
Our economic downturn has put many Americans in an untenable position where, despite pursuing every possible option, they are unable to afford rising costs. This week, Congress acted to support responsible, hard working Americans in their time of need. When this legislation passes the Senate, I am confident that it will serve as a major step towards a stable housing market and a renewed national economy.
TRANSPARENCY IN THE STIMULUS PACKAGE
Over the last several weeks, many of my constituents in the Seventh District have expressed their wish to receive a more in-depth explanation of the American Recovery and Reinvestment Act (ARRA). All Americans have a right to know how their tax dollars are being spent and I commend you for taking such an interest in the details of this landmark legislation.
Since President Obama was elected in November, I have been pleased to see him continually pledge to increase transparency in the federal spending process. Shortly after Congress voted to pass the ARRA, the President followed through on this promise by establishing https://www.recovery.gov. This comprehensive website will list every recipient of stimulus funds, the projects for which funds are being used, and the number of jobs that they will create. As stimulus funds are allocated, these projects will be listed on this website, providing you with a quick and easy way to track your tax dollars as they are used to revive our struggling economy.
Recovery.gov will be updated as additional funds are allocated to projects across Indianapolis. I strongly encourage you to check back frequently to learn more about newly funded projects that will soon benefit your neighborhoods and communities.
To further bring the President's message of recovery to Seventh District residents, my staff and I have been meeting with local community and faith-based leaders, small business owners, government officials, and non-profit organizations to discuss the ARRA and the resources it will bring to Indianapolis. As these funds begin creating jobs, rebuilding roads and improving schools across our city, I will continue to promote transparent government that seeks to explain how your tax dollars are being spent and the impact they will have on our future financial stability.
Thank you for reading the Carson Courier. Please do not hesitate to contact me with your thoughts and concerns. I value your views and your input which help me to better represent the people of Indiana's Seventh District in Congress.
In this week's Carson Courier:
Daylight Saving Time Reminder
Bringing Down Rates to Prevent Foreclosures
Transparency in the Stimulus Package
DAYLIGHT SAVING TIME REMINDER
It is time for us to once again adjust our clocks as we officially begin this year's observance of Daylight Saving Time. At 2:00 a.m. this Sunday, time in Indiana and across most of the United States will move forward one hour providing us all with an extra hour of daylight in the evening. So, before you go to bed on Saturday, be sure to set your clocks, cell phones and computers forward one hour and prepare for a little less sleep.
ADJUSTING MORTGAGES TO PREVENT FORECLOSURES
Over the last year, our ongoing foreclosure crisis has devastated thousands of families in countless neighborhoods across Indianapolis. This year could be worse, with nearly 3,000 Indianapolis families having lost their homes in the last two months. If immediate action is not taken, an estimated 49,400 Hoosier households could fall into foreclosure by the end of 2009.
As our deepening national recession proceeds into its second year, it has become clear that our economy cannot recover without immediate action to stem this foreclosure crisis. This week, I proudly joined my colleagues in the House to pass the Helping Families Save Their Homes Act. When enacted, this legislation will permit bankruptcy judges to extend repayment periods, reduce interest rates and principals, and otherwise adjust mortgage terms to help keep struggling families in their homes. This legislation takes a balanced approach by protecting lenders from lawsuits when they make reasonable loan modifications, reducing fees that have long discouraged lenders from voluntarily altering loan terms, and ensuring that homeowners pursue every possible option to avoid bankruptcy proceedings.
Our economic downturn has put many Americans in an untenable position where, despite pursuing every possible option, they are unable to afford rising costs. This week, Congress acted to support responsible, hard working Americans in their time of need. When this legislation passes the Senate, I am confident that it will serve as a major step towards a stable housing market and a renewed national economy.
TRANSPARENCY IN THE STIMULUS PACKAGE
Over the last several weeks, many of my constituents in the Seventh District have expressed their wish to receive a more in-depth explanation of the American Recovery and Reinvestment Act (ARRA). All Americans have a right to know how their tax dollars are being spent and I commend you for taking such an interest in the details of this landmark legislation.
Since President Obama was elected in November, I have been pleased to see him continually pledge to increase transparency in the federal spending process. Shortly after Congress voted to pass the ARRA, the President followed through on this promise by establishing https://www.recovery.gov. This comprehensive website will list every recipient of stimulus funds, the projects for which funds are being used, and the number of jobs that they will create. As stimulus funds are allocated, these projects will be listed on this website, providing you with a quick and easy way to track your tax dollars as they are used to revive our struggling economy.
Recovery.gov will be updated as additional funds are allocated to projects across Indianapolis. I strongly encourage you to check back frequently to learn more about newly funded projects that will soon benefit your neighborhoods and communities.
To further bring the President's message of recovery to Seventh District residents, my staff and I have been meeting with local community and faith-based leaders, small business owners, government officials, and non-profit organizations to discuss the ARRA and the resources it will bring to Indianapolis. As these funds begin creating jobs, rebuilding roads and improving schools across our city, I will continue to promote transparent government that seeks to explain how your tax dollars are being spent and the impact they will have on our future financial stability.
Thank you for reading the Carson Courier. Please do not hesitate to contact me with your thoughts and concerns. I value your views and your input which help me to better represent the people of Indiana's Seventh District in Congress.