Sen. Baucus is chairman of the Senate Finance Committee.

All over this country, families are emptying drawers, packing up cardboard boxes, and arranging to move. But instead of preparing for an exciting new chapter in their lives, many of these families are leaving the joy of home ownership behind. In 2007, the American real estate market saw more than one million foreclosures. And troubled times in the housing sector have spilled over into other parts of the economy.

It is clear that Congress must act -- and act swiftly -- to address continuing trouble in the housing sector, and save the American economy as well. The Senate Finance Committee included vital mortgage and tax relief for the housing sector in its economic stimulus bill earlier this year, and two key elements of the Finance package remain in the housing legislation that should come before the Senate soon. As the Senate begins work on the Foreclosure Prevention Act of 2008, the Finance Committee provisions are a significant part of the bill’s promised help for America’s sagging housing sector.

The first Finance provision in the Foreclosure Prevention Act extends the “net operating loss carryback