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 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.
By Alan Zibel
Four U.S. House Democrats are raising questions about whether taxpayers are getting enough compensation for bad loans sold to Fannie Mae (FNMA) and Freddie Mac (FMCC).
The two government-controlled mortgage companies have recovered $3.3 billion for taxpayers by reaching settlements in recent weeks with Bank of America Corp. (BAC) and Ally Financial Inc.
Taxpayers may have been shortchanged after a deal between failed mortgagegiants Freddie Mac and Fannie Mae settled loan disputes with Bank of America Corp. for $2.8 billion rather than demanding more funds, Representative Maxine Waters (D-CA) said.
Waters, a senior Democrat on the House Financial Services Committee, said the settlement "may amount to a backdoor bailout that props up the bank at the expense of taxpayers".
The lawmaker representing the cities of Gardena, Hawthorne, Inglewood and Lawndale suggested the move may have been "both premature and a giveaway".
By Hugh Son
Freddie Mac and Fannie Mae may have shortchanged taxpayers when the U.S.-owned firms settled loan disputes with Bank of America Corp. for $2.8 billion rather than demanding more funds, Representative Maxine Waters said.
"This settlement may have been both premature and a giveaway," the California Democrat said today in an e-mailed statement. The deal, announced yesterday by the Charlotte, North Carolina-based lender, may "amount to a backdoor bailout that props up the bank at the expense of taxpayers."
by Zach Carter and Ryan Grim
Despite mounting evidence of big banks committing serious fraud in the foreclosure process, the U.S. Senate eliminated $35 million in legal aid to homeowners trying to keep their homes.