Homeownership has long been a central element of the American Dream. However, millions of American families are now at risk of losing their homes to foreclosure.
I am focused on finding solutions that will lead us out of both the immediate housing crisis and the larger financial crisis.
Even before analysts and the press were focusing on our current housing crisis, I was working tirelessly to help struggling renters make their monthly payments, which can be as high as half of their income. It’s easy to sometimes forget about this substantial portion of Americans, but it is critical that we continue to support these families.
I am committed to doing everything in my power to keep Americans in their homes. I have been at the forefront of encouraging and promoting loan modifications, housing counseling and mortgage servicer reform. I also am dedicated to fully funding our nation’s public housing and expanding the number of housing choice vouchers so that our nation’s most at-risk individuals can access the safe, decent and affordable housing of their choice.
This housing crisis developed over many years through neglect, so moving forward it is important to fully fund our nation’s housing programs.
More on Housing
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.
Congresswoman Maxine Waters (D-Calif.), the Ranking Member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, released the following statement today after the Obama Administration unveiled its plan, "Reforming America's Housing Finance Market":
"I appreciate that the Administration has presented Congress with a report that at least provides a framework and a starting point for us to begin to fix the housing industry in this country, which we all agree needs reform.
by Ron Orol
The White House may move ahead without congressional approval on proposals to reform the government-controlled housing giants Fannie Mae and Freddie Mac, including raising the fees charged for guaranteeing credit risk.
by Alan Fram