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February 25, 2011 In The News

by Kerri Panchuk

Regulators may have their hearts set on a $20 billion settlement with mortgage servicers, but that's not enough to make up for the $1 trillion lost in family wealth since 2008, Rep. Maxine Waters (D-Calif.) said Friday.

Waters issued that statement after reports surfaced that regulators have plans to settle with embattled lenders and servicers for $20 billion. Any money from the proposed settlement would be used to help borrowers who are underwater on their mortgage and to support loan modifications.

February 25, 2011 In The News

By Jennifer Liberto

In the latest blow to Obama signature programs, Republicans are now aiming to kill several White House plans aimed at keeping underwater borrowers in their homes.

February 25, 2011 In The News

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.

February 25, 2011 Press Release

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:

February 25, 2011 In The News
By Ron Orol

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.

February 24, 2011 In The News

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.

February 24, 2011 In The News

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.

February 24, 2011 Press Release

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. 

February 18, 2011 Press Release

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:

February 14, 2011 In The News

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.

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