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
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:
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America or any other mortgage servicer, who allegedly benefitted by misleading borrowers eligible for the Home Affordable Modification Program (HAMP).
Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is asking for an investigation into claims that Bank of America purposefully delayed borrowers from entering the Home Affordable Modification Program.
The California Democrat penned letters to several government officials on Tuesday, asking that they to look into the allegations made in an ongoing lawsuit, which were detailed in a report by Bloomberg last week.
OVER her 22 years in Congress, Maxine Waters has likened bank executives to "gangsters," snarkily addressed them as "captains of the universe" and threatened to tax their companies "out of business."
The Democrat from Los Angeles, in other words, is not known for showing love to the financial industry.
So in March, when she visited a group of community bankers in a conservative corner of her district, she seemed ready for a chilly reception. "Let's see what these guys have to say for themselves," Ms. Waters said with a smirk as she emerged from her S.U.V.
President Barack Obama nominated veteran Rep. Melvin Watt to head the Federal Housing Finance Agency, the government regulator that oversees lending giants Fannie Mae and Freddie Mac. He also has chosen a former telecommunications lobbyist to head the Federal Communications Commission, the White House said.
Watt, a North Carolina Democrat who has been in Congress for 20 years, would replace Edward DeMarco, an appointee of Republican President George W. Bush, who has been a target of housing advocates, liberal groups and Democratic lawmakers.
Congresswoman Maxine Waters released the following statement today in response to news that President Barack Obama will nominate Congressman Melvin L. Watt to be Director of the Federal Housing Finance Agency:
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, joined by Representative Michael E. Capuano and 65 of their Democratic House colleagues, has released a letter to key Members of the House Committee on Appropriations urging adequate funding for critical community development and housing programs in the Fiscal Year 2014 Transportation, Housing and Urban Development (THUD) appropriations bill.
Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, introduced the Project Rebuild Act of 2013 on Thursday afternoon. This legislation would provide funding for the rehabilitation of foreclosed and abandoned properties, helping to prevent the deterioration of neighborhoods which leads to plummeting housing prices and lower quality of life for residents.
In recent years, the agency has stepped into the void, providing crucial liquidity as private firms have retreated from writing mortgage insurance policies, particularly for key groups such as first time homebuyers.