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Congresswoman Maxine Waters

Representing the 43rd District of California

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.

More on Stabilizing Neighborhoods Hurt by Foreclosure

November 22, 2011 Press Release

On November 18, 2011, Rep. Maxine Waters (CA-35) introduced a key component of President Obama's American Jobs Act—Project Rebuild. She was joined by 17 other Democratic Members as sponsors of H.R. 3502, the "Project Rebuild Act of 2011." Project Rebuild builds upon the success of the Neighborhood Stabilization Program (NSP), which Rep. Waters authored in 2008 and for which she has secured $7 billion in funding.

November 17, 2011 In The News

Below is an the opinion piece by Congresswoman Waters that was posted to her Huffington Post blog page. She authored this piece in response to the recent LA Times op-ed on multi-state settlement:

California Deserves a Better Deal

November 2, 2011 In The News

4 million American homeowners who were foreclosed upon in 2009 and 2010 will receive notices

By Associated Press, Updated: Tuesday, November 1, 2:51 PM

WASHINGTON — About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes.

July 20, 2011 Press Release

Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 11 of her colleagues in the House of Representatives urging U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices.   An identical letter was sent by U.S. Senator Robert Menendez (NJ), Chairman of the Senate Subcommittee on Housing, Transportation, and Community Development, and nine additional Senators. 

June 9, 2011 Press Release
Rep. Maxine Waters (CA) applauds the Treasury Department's enforcement of Home Affordable Modification Program (HAMP) requirements on mortgage servicers:
March 26, 2011 Press Release

Congresswoman Maxine Waters (D-Calif.) and the African American Members of the House Financial Services Committee (known as the FS 10) were recently honored by the Black Press of America and the National Newspaper Publishers Association Foundation (NNPAF) with the 2011 Political Leadership Award for their work during negotiations for the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Congresswoman and Congressman William Lacy Clay, Jr. accepted the award on behalf of the FS 10 at an event last week at a Newsmaker Dinner and Gala at the Omni Shoreham Hotel.

March 17, 2011 In The News

by Richard Simon

The congressional hearing had been called to take testimony about a Republican plan to shut down a nationwide program championed by Rep. Maxine Waters that uses tax dollars to buy and fix up foreclosed properties.

When it was her turn to speak, the fiery Los Angeles Democrat said: "I don't have any questions. I just have a lot to say."

And she did.

March 16, 2011 Press Release

The House of Representatives voted today to end the Neighborhood Stabilization Program (NSP), which Congresswoman Maxine Waters (D-Calif.) created and which President George W. Bush signed into law three years ago under the Housing and Economic Recovery Act (HERA). Last week, House Republicans also voted to end the Federal Housing Administration (FHA) Short Refinance Program and the Emergency Homeowners Relief Program (EHRP), the latter of which Congresswoman Waters worked to include in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

March 15, 2011 Opinion Piece
Congresswoman Maxine Waters (D-Calif.) authored the following opinion editorial for the Huffington Post:

Though their stated pledges since coming to power have been to 'cut the deficit' and 'create jobs,' House Republicans will soon take a series of votes to further solidify a radical agenda that does neither.

March 9, 2011 Press Release

Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, spoke out today against Republican attempts to terminate the Home Affordable Modification Program (HAMP) and the Neighborhood Stabilization Program (NSP). This was the second markup in as many weeks where Committee Republicans ended programs to help people stay in their homes and help communities weather the foreclosure crisis.