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, released the following statement today after Republicans on the Committee announced their intention to defund foreclosure prevention programs:
"Republicans who support this proposal to end government-supported foreclosure prevention programs are turning their backs on their constituents and their communities who not only have been devastated by the foreclosure crisis, but who have directly benefited from government assistance.
By Jon Prior
The Mortgage Bankers Association and Rep. Maxine Waters (D-Calif.) thanked the Federal Reserve for delaying three new rule proposals  Tuesday under Regulation Z.
The Fed was granted rulemaking authority under Reg Z, which took affect over the weekend and proposed the rules last year to clarify mortgage disclosures under Truth in Lending Act. The Fed said it delayed finalizing the rules, because the Consumer Financial Protection Bureau is required to review and possibly revise them again once it opens in July.
Congresswoman Maxine Waters (D-Calif.) issued the following statement today:
"I was pleased to learn today that the Federal Reserve has decided to table two proposed regulations contained within FRB Docket No. R-1390 that would have been extremely harmful to American consumers.
By Jon Prior
Rep. Maxine Waters (D-Calif.) said the latest misstep by JPMorgan Chase which led to improper foreclosures for military families, has pushed the industry into "crisis."
By Amanda Carey
Last week, government-backed mortgage entities Fannie Mae and Freddie Mac fined Bank of America $3 billion for selling faulty mortgages that either have, or will default into, huge losses. Now critics are calling the deal a backdoor bailout because the sum is much lower than the losses for which the bank could be held liable.
By Peter Schroeder
Rep. Maxine Waters (D-Calif.) and three other House Democrats are asking the Federal Housing Finance Agency (FHFA) how it determined what two banks should pay in recent settlements over problems with residential mortgages sold to the government-sponsored enterprises (GSEs).
On Jan. 3, Bank of America agreed to pay $2.8 billion to Fannie Mae and Freddie Mac over 787,000 loans sold to them in 2008 by Countrywide Financial, which is now owned the bank.
By Alan Zibel
Four U.S. House Democrats are raising questions about whether taxpayers are getting enough compensation for bad loans sold to Fannie Mae (FNMA) and Freddie Mac (FMCC).
The two government-controlled mortgage companies have recovered $3.3 billion for taxpayers by reaching settlements in recent weeks with Bank of America Corp. (BAC) and Ally Financial Inc.