Housing
More on Housing
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.
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.
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:
By Rep. Maxine Waters, Progressive Congresswoman from California
Posted: 11/17/11 11:32 AM ET
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.
The Office of the Comptroller of the Currency said Monday that mortgage services will begin sending out letters this month that ask borrowers if they want their case reviewed.
Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 15 of her colleagues in the House of Representatives, renewing her call for U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices.
Mr. Speaker, I must congratulate the Tea Party for extorting the deal made in their image, and their image alone. The cuts will be deep, they will be lasting, and they will weaken an already-depressed economy.
What's clear is that the Tea Party is so ideologically driven to kill government that they're willing to kill the private sector, kill jobs, and kill growth in the process.
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.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee and a leading champion for homeowners, delivered the following remarks today during a Subcommittee on Housing, Insurance, and Community Opportunity Hearing on "Legislative Proposals to Determine the Future Role of FHA, RHS and GNMA in the Single-and Multi-Family Mortgage Markets."
She also reintroduced H.R. 1977, her legislation to reform the Federal Housing Administration (FHA), which overwhelmingly passed the House in the 111th Congress by a vote of 406-4.