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 Jessica Holzer
A measure to put the Federal Housing Administration on firmer financial footing sailed through the U.S. House of Representatives Thursday.
The legislation, approved on a 406-4 vote, would allow the FHA to shift some of the upfront costs it charges borrowers to the annual premium and give the agency more powers to protect itself from fraudulent or poorly underwritten loans.
By Corbett B. Daly
The U.S. House of Representatives on Thursday approved a bill to shore up the finances of the cash-strapped Federal Housing Administration while also backing a measure to raise the loan limits for FHA-backed mortgages used to develop some apartment buildings.
In a 406-4 vote, lawmakers approved legislation to strengthen the FHA's finances by giving it authority to nearly triple the annual fees it charges to borrowers, known as mortgage insurance premiums.
by Roberta Rampton
Representative Barney Frank introduced legislation on Friday to extend the National Flood Insurance Program through September, which would give Congress more time to fix the troubled program.
The insurance program, important to more than 5 million homes and businesses in flood plains, has been in debt since major hurricanes in 2004 and 2005. Reform efforts stalled in Congress last year.
by Matthew Jaffe
Seth Wheeler, who designed the Obama administration's foreclosure prevention program, has left his post as a senior advisor at the Treasury Department.
Wheeler, who started at the agency under the Bush regime's Treasury Secretary Hank Paulson, has reportedly gone to work for Habitat for Humanity.
He played a key role in crafting the $75 billion Home Affordable Modification Program, which offers incentives to banks to modify the mortgages of struggling homeowners in an effort to help them avoid foreclosure.