The Foreclosure Prevention Act of 2008 is currently being debated and molded by members of Congress. The bill is a response to the escalating housing crisis which has had damaging effects on the economy as a whole. It was introduced by members of the Senate in February in hopes that foreclosure rates could be brought down and the rippling effects of these foreclosures could be averted. The first step that this bill plans to enact is better access to Federal Housing Administration (FHA) loans for families in risk of foreclosure. This will provide safe, fixed-rate mortgages as well as counseling services to homeowners. Struggling homeowners would then be able to refinance into lower cost, government insured mortgages. The influx of funds to the counseling program could potentially help as many as 500,000 Americans receive advice on how to better manage their home. This government spending also acts as a stimulus to fiscal policy which may consequently help the economy.