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
Congresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, delivered the keynote address at the Los Angeles Business Council's Mayoral Housing, Transportation & Jobs Summit that took place at UCLA's Korn Convocation Hall on Friday, Oct.18. Hosted by the UCLA Anderson School of Business, the Summit, now in its 12th year, is a gathering of top business leaders and elected officials.
Congresswoman Maxine Waters authored the following opinion editorial for The Hill:
Congresswoman Maxine Waters, Ranking Member of the Committee on Financial Services, released the following statement in response to reports of a likely shortfall in capital reserve funds at the Federal Housing Administration:
"During the worst of the crisis, when the private sector virtually left the market, the Federal Housing Administration stepped up and provided the liquidity that kept our struggling housing market afloat. This is the countercyclical role of FHA, as it has been throughout the course of its nearly 80-year history.
The Housing Authority of the County of Los Angeles (HACoLA) welcomed Congresswoman Maxine Waters recently to the Harbor Hills Public Housing Development (Harbor Hills), located in the city of Lomita and California's newly-created 43rd Congressional District.
Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.
Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that would phase out Fannie and Freddie over five years and shrink the government's huge role in guaranteeing mortgage securities. Fannie and Freddie teetered under a crush of massive losses on risky mortgages before being bailed out.
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to President Barack Obama's speech outlining his plan for housing finance reform in Phoenix.
The cuts were brought on by the so-called "sequester": automatic reductions in federal spending that began in March as a result of Congress' inability to agree on long-term budget cuts.
Today, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee released the following statement in response to committee passage of the inaptly-named "Protecting American Taxpayers and Homeowners Act" or "PATH Act" (H.R. 2767). H.R. 2767 is a Republican bill that would unwind Fannie Mae and Freddie Mac and remove any government support from the secondary mortgage market.
Today, in response to Financial Services Chairman Jeb Hensarling's release of a proposal to reform the nation's housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement: