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
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, took Committee Republicans to task today for voting to defund two programs that help struggling homeowners.
by JON PRIOR
State and local governments and nonprofits project that the first two rounds of the Neighborhood Stabilization Program will fund the rehab or demolition of 100,000 homes abandoned after foreclosure.
Speaking before a House subcommittee hearing Wednesday, Mercedes Ma?rquez, assistant secretary for community planning at the Department of Housing and Urban Development launched a defense of all three rounds of NSP spending, outlining the direct effects the program will have on blighted neighborhoods across the country.
By Jim Puzzanghera and E. Scott Reckard
Federal and state officials are analyzing proposals that could help people who lost their homes or missed mortgage payments as a key part in resolving a multibillion-dollar case over botched foreclosure paperwork.
Government negotiators are wrestling with banks and their mortgage servicing arms over the amount of the settlement — from $5 billion to $20 billion — and then must decide how best to use the money.
by Kerri Panchuk
Regulators may have their hearts set on a $20 billion settlement with mortgage servicers, but that's not enough to make up for the $1 trillion lost in family wealth since 2008, Rep. Maxine Waters (D-Calif.) said Friday.
Waters issued that statement after reports surfaced that regulators have plans to settle with embattled lenders and servicers for $20 billion. Any money from the proposed settlement would be used to help borrowers who are underwater on their mortgage and to support loan modifications.
By Jennifer Liberto
In the latest blow to Obama signature programs, Republicans are now aiming to kill several White House plans aimed at keeping underwater borrowers in their homes.
By Nick Timiraos
A top Democrat on the House Financial Services Committee signaled that the broad outlines of a settlement to resolve mortgage-servicer abuses should push for penalties higher than the reported $20 billion figure.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, issued the following statement today after reports of a deal between the Obama Administration and mortgage servicers to settle systemic fraud issues in the servicing and foreclosure industry:
A top House Republican has announced plans Thursday to begin efforts to dismantle a package of Obama administration programs seeking to help troubled homeowners avoid foreclosure, an effort that is unlikely to become law any time in the near future because of staunch Democratic opposition.
By Phil Mattingly
U.S. House Republicans plan to move forward with bills that would end anti-foreclosure programs put in place by President Barack Obama's administration, saying they are doing more harm than good.
The House Financial Services Committee will consider bills next week to terminate four mortgage assistance programs, including the Treasury Department's Home Affordable Modification Program, or HAMP.
By Erika Lovley
It may be the end of the line for one of the President Barack Obama's key anti-foreclosure programs: the Home Affordable Modification Program (HAMP).
Financial Services Committee Chairman Spencer Bachus (R-Ala.) announced today that his committee will hold a subcommittee hearing and full committee markup of four bills that will "terminate failed and ineffective housing foreclosure programs", including HAMP – worth a total of $45 billion.