Stabilizing Neighborhoods Hurt by Foreclosure
A foreclosure is not only a tragedy for the family who loses their home but it also has a devastating impact on neighbors – causing home values to drop, leaving empty houses that are subject to vandalism or potential centers of crime. Entire communities are suffering because of foreclosures and the housing market decline.
I led the effort to create the Neighborhood Stabilization Program, which provides funding for states, counties and cities to assist communities hit hardest by the foreclosure crisis. I fought to secure $6 billion in funding for this program to fix up foreclosed homes so that they are no longer blighting the neighborhood and can instead be rented or sold to families in need of housing.
NSP is already helping stabilize neighborhoods all over the U.S.
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Congresswoman Maxine Waters authored the following opinion editorial for The Hill:
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.
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:
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.
Rep. Maxine Waters sent the letter below to Treasury Secretary Timothy Geithner and Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco on implementation of the Hardest Hit Fund (HHF) and the latest version of the Home Affordable Refinance Program (HARP 2.0). The letter is sent in response to a recent report by the Special Inspector General for the Troubled Asset Relief Program, which found that HHF, which was funded at $7.6 billion, has only spent 3 percent of its funding.
Today, Congresswoman Maxine Waters along with Rushmore Cervantes, Interim General Manager, Los Angeles Housing Department; Timothy Watkins, CEO, Watts Labor Community Action Committee; and Charles Quarles, President, Bedford Group joined Shaun Donovan, the Secretary of Housing and Urban Development (HUD) during his visit to Los Angeles for a tour of several properties that have benefited from the Neighborhood Stabilization Program (NSP) in South Los Angeles. Congresswoman Waters statement about Secretary Donovan's visit is below:
Today, Housing and Urban Development Secretary Shaun Donovan and Attorney General Eric Holder announced an historic settlement between 49 state attorneys general and 5 major mortgage servicers regarding allegations of servicing and foreclosure fraud.
Today marks an important milestone in a struggle many of us have been engaged in for the last 5 years: the fight to bring justice to millions of American homeowners and accountability to our nation's mortgage servicers.
Today, Rep. Waters released the following statement in response to President Obama's plan to help responsible homeowners and heal the housing mark.
Today, Rep. Waters introduced H.R. 3841, the Principal Reduction Act of 2012, which would require Fannie Mae and Freddie Mac to reduce principal on loans that they own or guarantee. She was joined by eight Members of Congress in support of this much needed legislation to stabilize the housing market.