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 Kenneth J. Cooper
Since the housing market collapsed, mortgage lending to African-Americans and Hispanics has plunged precipitously—by more than 60 percent, according to a new study of loan information that banks submit to the federal government.
By Jon Prior
The Mortgage Bankers Association and Rep. Maxine Waters (D-Calif.) thanked the Federal Reserve for delaying three new rule proposals  Tuesday under Regulation Z.
The Fed was granted rulemaking authority under Reg Z, which took affect over the weekend and proposed the rules last year to clarify mortgage disclosures under Truth in Lending Act. The Fed said it delayed finalizing the rules, because the Consumer Financial Protection Bureau is required to review and possibly revise them again once it opens in July.
Congresswoman Maxine Waters (D-Calif.) issued the following statement today:
"I was pleased to learn today that the Federal Reserve has decided to table two proposed regulations contained within FRB Docket No. R-1390 that would have been extremely harmful to American consumers.
Congresswoman Maxine Waters (D-Calif.), Ranking Member of the Financial Services Capital Markets and GSEs Subcommittee, offered the following opening remarks today at a full committee hearing entitled ‘Promoting Economic Recovery and Job Creation: The Road Forward.'
By Jon Prior
Rep. Maxine Waters (D-Calif.) said the latest misstep by JPMorgan Chase which led to improper foreclosures for military families, has pushed the industry into "crisis."
By Amanda Carey
Last week, government-backed mortgage entities Fannie Mae and Freddie Mac fined Bank of America $3 billion for selling faulty mortgages that either have, or will default into, huge losses. Now critics are calling the deal a backdoor bailout because the sum is much lower than the losses for which the bank could be held liable.
By Peter Schroeder
Rep. Maxine Waters (D-Calif.) and three other House Democrats are asking the Federal Housing Finance Agency (FHFA) how it determined what two banks should pay in recent settlements over problems with residential mortgages sold to the government-sponsored enterprises (GSEs).
On Jan. 3, Bank of America agreed to pay $2.8 billion to Fannie Mae and Freddie Mac over 787,000 loans sold to them in 2008 by Countrywide Financial, which is now owned the bank.