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Congresswoman Maxine Waters

Representing the 43rd District of California

Helping Homeowners Avoid Foreclosure

I have shaped and help pass legislation to protect homeowners.  In May 2009, I was proud to attend the signing ceremony at the White House for the Helping Families Save Their Homes Act (S. 896), legislation that will prevent many home foreclosures and strengthen the housing market.  In expressing his thanks to those who have played key roles on this issue, President Obama praised Financial Services Committee Chairman Barney Frank and me.

 

Also in May, the House passed the Mortgage Reform and Anti-Predatory Lending Act (H.R. 1728), which prevents predatory and irresponsible mortgage loan practices that resulted in the economic meltdown.  The legislation requires mortgage lenders to follow basic principles of sound lending, responsibility, and consumer protection.

 

I have long been concerned about the mortgage servicing industry. Servicers have the power to modify loans; however, while loan modification rates have increased, it is clear that servicers must do more to keep families in their homes. This is why I introduced H.R. 3451, the Foreclosure Prevention and Sound Mortgage Servicing Act, to require loss mitigation and to reform the servicing industry. At the beginning of this Congress, I introduced H.R. 37, the Systematic Foreclosure Prevention and Mortgage Modification Act. This legislation, which provides incentive payments to servicers for modifying loans, passed the House and serves as the foundation for the Administration’s Making Home Affordable program.

 

I have also interceded directly on behalf on my constituents with their mortgage servicers, often spending hours on hold to get a loan modification for them.

 

In addition, I have fought against the scammers and so-called “foreclosure consultants” who are charging high fees to desperate homeowners, with the false promise that they can prevent a foreclosure or obtain a loan modification.

 

Additionally, I have advocated on behalf of homebuyers for a strong Federal Housing Administration (FHA). Legislation I wrote to reform and expand FHA was included in the Housing and Economic Recovery Act of 2008. In addition, I wrote legislation, included in the Helping Families Save Their Homes Act of 2009, preventing the very subprime lenders who created the mortgage mess from participating in FHA’s programs.

More on Helping Homeowners Avoid Foreclosure

May 5, 2014 In The News

Thousands of homeowners will get a pleasant surprise in the mail this summer: checks to (wait for it) compensate them for foreclosure problems they never suffered.

EverBank Financial is prepared to write $1,050 checks to 25,389 of its customers, even though no errors were found in reviews of their foreclosure files, according to a report issued Wednesday by the Office of the Comptroller of the Currency.

April 30, 2014 In The News
A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks' mortgage servicing operations.

When banking regulators decided to end the independent foreclosure review last year, most banks had not completed the examinations of their mortgage modification and foreclosure practices.

September 27, 2013 Opinion Piece

Congresswoman Maxine Waters authored the following opinion editorial for The Hill:

June 6, 2013 Press Release
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, made the following statement yesterday on the floor of the U.S. House of Representatives. Ranking Member Waters called for bipartisan support to an amendment, offered by Rep. Bill Cassidy (R-LA) that would delay implementation of Section 207 of the Biggert-Waters Flood Insurance Reform Act of 2012, and provide relief for many homeowners across the nation facing significant increases in their flood insurance premiums.
March 27, 2013 Press Release

Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, introduced the Project Rebuild Act of 2013 on Thursday afternoon. This legislation would provide funding for the rehabilitation of foreclosed and abandoned properties, helping to prevent the deterioration of neighborhoods which leads to plummeting housing prices and lower quality of life for residents. 

February 5, 2013 In The News

The top Democrat on the House Financial Services Committee called Tuesday for Congress to "immediately" hold a hearing to investigate a controversial $8.5 billion foreclosure abuse settlement reached this year.

November 16, 2012 Press Release

Congresswoman Maxine Waters (CA-35) released the following statement in response to the Federal Housing Administration's annual financial status report issued to Congress today:

October 15, 2012 In The News
Maxine Waters and big banks are rarely on the same page.
 
But as the California congresswoman prepares to become the top Democrat on the House Financial Services panel, she is engaging in an aggressive outreach effort with some of the very institutions that she has heavily criticized for their role in the financial crisis and recent home foreclosure scandals.
 
From organizing industry roundtables to one-on-one meetings with Wells Fargo's CEO to holding fundraisers targeting banking donors, Waters is opening the door to big banks and Wall Street.
 
October 9, 2012 Opinion Piece
Congresswoman Maxine Waters (D-Calif.) authored the following opinion editorial for the Huffington Post:

October 9, 2012 Opinion Piece

Congresswoman Maxine Waters (D-Calif.) authored the following opinion editorial for the Huffington Post:

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