Housing
More on Housing
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.
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.
Congresswoman Maxine Waters (D-Calif.) reintroduced her legislation from the 111th Congress today that would make key investments in affordable public housing. H.R. 762, the Public Housing Reinvestment and Tenant Protection Act of 2011, contains provisions to revitalize housing units and neighborhoods; address one-for-one replacement issues; empower housing authorities to make reforms; and to create jobs, with support from Reps. Barney Frank (D-MA) and Nydia Velazquez (D-NY), her colleagues on the Financial Services Committee. She issued the following statement:
by Shahien Nasiripour
The Obama administration outlined three options Friday to change the way home loans are financed, calling for the slow death of mortgage giants Fannie Mae and Freddie Mac and jumpstarting the debate over the future role of government in helping borrowers secure mortgages.
If implemented, the proposals would likely make it more expensive for borrowers to buy a home and thus restrict the availability of mortgages. It also marks a significant departure from past government policies, which treated homeownership in America as a virtual right.
by Phil Mattingly
Congressional Republicans criticized what they termed a lack of detail in the Treasury Department's plan to overhaul mortgage finance while saying they would use the report as a starting point for debate over legislation.
The proposal delivered to Congress today by Treasury Secretary Timothy F. Geithner and Shaun Donovan, the secretary of the Department of Housing and Urban Development, would have the government shrink "and ultimately wind down" mortgage firms Fannie Mae and Freddie Mac under three possible scenarios.
by Zachary A. Goldfarb & Brady Dennis
The Obama administration's plan to overhaul the U.S. housing market drew fire Friday from some of the president's traditional allies, who argued that proposals in the newly released report could make it too costly for many Americans to buy a home.
But while consumer and civil rights groups broke with President Obama over the long-awaited white paper, the plan met with little objection - and even praise - from Republicans, who have pilloried the administration over its housing policies.
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