Press Release

Washington, DC (May 17, 2007) - Today, Congresswoman Eddie Bernice Johnson successfully amended the Federal Housing Finance Reform Act to include more financial literacy education for homebuyers.

The amendment requires participants who receive federal assistance through the Affordable Housing Fund to complete a financial literacy program.

"The goal of my amendment is to help families fully understand their financial commitments in order to successfully achieve their part of the American Dream," said Congresswoman Johnson. "Many consumers, especially first time homebuyers, do not fully understand the complex financial agreements they are signing. Since a house is the single largest investment most families make, it is vital to educate them on the best strategies for buying and keeping a home."

Congresswoman Johnson was motivated to offer the amendment in part because of skyrocketing rates of home foreclosures. Dallas has one of the highest foreclosure rates in the nation. The mandated training will also cover other financial literacy issues that sometimes keep people from meeting their mortgage obligations.

"The financial literacy training requirement also seeks to reduce our nation's already enormous consumer debt" said Congresswoman Johnson. "The need to increase education and training around basic budgeting, money management, and financial planning is very important to our families and to our economy."

The underlying bill will overhaul the regulatory oversight of Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks, which support the mortgage markets.

U.S. Representative Eddie Bernice Johnson is the highest-ranking Texan on the House Committee on Transportation & Infrastructure and a senior member of the Science Committee. She represents the 30th Congressional District, which includes downtown Dallas, Northeast, East Oak Cliff & Pleasant Grove; all of Balch Springs, De Soto, Lancaster & Hutchins and parts of Cedar Hill, Duncanville, Glen Heights, Wilmer and Ovilla.

Beth Glenn
Communications Director,
Office of the Honorable Eddie Bernice Johnson
1511 Longworth Office Building
Washington, DC 20515-4330
202.225.8885 (p)
202.226.1477 (f)
http://www.house.gov/ebjohnson/