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For Immediate Release
Office of the Press Secretary
October 4, 2007

Statement by the President

In August, I proposed a comprehensive plan to help homeowners avoid foreclosures and stay in their homes. As part of this plan, I pledged to work with Congress in a bipartisan way to temporarily reform a provision of the federal tax code to make it easier for homeowners to refinance their mortgages during this time of market stress. Today, a bipartisan majority of the House of Representatives passed legislation to help people stay in their homes and move this process forward. I applaud the House's efforts. I urge the Senate to swiftly consider this legislation and make it temporary.

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