For Immediate Release
Office of the Press Secretary
July 26, 2006

President Pleased by House Passage of the "Expanding American Homeownership Act of 2006"

      In Focus: Homeownership

I am pleased the House passed the "Expanding American Homeownership Act of 2006."

The Federal Housing Administration has helped millions of Americans become homeowners in communities throughout our country. I appreciate the House's efforts to modernize this important program to ensure that it reflects the demands of today's marketplace and addresses the current needs of potential homebuyers. By providing the FHA with increased flexibility for mortgage downpayment requirements and the authority to tailor financing to suit a family's unique situation, this bill will improve FHA's ability to help lower and moderate-income families achieve the American Dream.

I encourage the Senate to join the House and pass this critical legislation.

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