More on Housing
Today, Congresswoman Maxine Waters along with Rushmore Cervantes, Interim General Manager, Los Angeles Housing Department; Timothy Watkins, CEO, Watts Labor Community Action Committee; and Charles Quarles, President, Bedford Group joined Shaun Donovan, the Secretary of Housing and Urban Development (HUD) during his visit to Los Angeles for a tour of several properties that have benefited from the Neighborhood Stabilization Program (NSP) in South Los Angeles. Congresswoman Waters statement about Secretary Donovan's visit is below:
Today, Housing and Urban Development Secretary Shaun Donovan and Attorney General Eric Holder announced an historic settlement between 49 state attorneys general and 5 major mortgage servicers regarding allegations of servicing and foreclosure fraud.
Today marks an important milestone in a struggle many of us have been engaged in for the last 5 years: the fight to bring justice to millions of American homeowners and accountability to our nation's mortgage servicers.
Today, Rep. Waters released the following statement in response to President Obama's plan to help responsible homeowners and heal the housing mark.
Today, Rep. Waters introduced H.R. 3841, the Principal Reduction Act of 2012, which would require Fannie Mae and Freddie Mac to reduce principal on loans that they own or guarantee. She was joined by eight Members of Congress in support of this much needed legislation to stabilize the housing market.
On November 18, 2011, Rep. Maxine Waters (CA-35) introduced a key component of President Obama's American Jobs Act—Project Rebuild. She was joined by 17 other Democratic Members as sponsors of H.R. 3502, the "Project Rebuild Act of 2011." Project Rebuild builds upon the success of the Neighborhood Stabilization Program (NSP), which Rep. Waters authored in 2008 and for which she has secured $7 billion in funding.
Below is an the opinion piece by Congresswoman Waters that was posted to her Huffington Post blog page. She authored this piece in response to the recent LA Times op-ed on multi-state settlement:
California Deserves a Better Deal
4 million American homeowners who were foreclosed upon in 2009 and 2010 will receive notices
By Associated Press, Updated: Tuesday, November 1, 2:51 PM
WASHINGTON — About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes.
Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 15 of her colleagues in the House of Representatives, renewing her call for U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices.
Mr. Speaker, I must congratulate the Tea Party for extorting the deal made in their image, and their image alone. The cuts will be deep, they will be lasting, and they will weaken an already-depressed economy.
What's clear is that the Tea Party is so ideologically driven to kill government that they're willing to kill the private sector, kill jobs, and kill growth in the process.
Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 11 of her colleagues in the House of Representatives urging U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices. An identical letter was sent by U.S. Senator Robert Menendez (NJ), Chairman of the Senate Subcommittee on Housing, Transportation, and Community Development, and nine additional Senators.