“The President’s announcement today is a good first step, but I believe more action is needed to assist families in danger of losing their homes. Last week, I met with the U.S. Conference of Mayors and last month I brought together Senators, representatives of the housing industry and advocacy groups to discuss how we can work together to address families struggling to keep their homes.

“They all said the same thing: ‘This is a crisis that will only get worse if we don’t act.’ I agree – we must immediately do everything we can to help families faced with losing their home. I will continue to lead efforts to pass my measure that will relieve families of a tax burden when their lender forgives a part of their mortgage. No one who is faced with losing their home should be faced with an additional tax bill.” —U.S. Senator Debbie Stabenow