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 (D-Calif.), a senior member of the Financial Services Committee and a leading champion for homeowners, delivered the following remarks today during a Subcommittee on Housing, Insurance, and Community Opportunity Hearing on "Legislative Proposals to Determine the Future Role of FHA, RHS and GNMA in the Single-and Multi-Family Mortgage Markets."
She also reintroduced H.R. 1977, her legislation to reform the Federal Housing Administration (FHA), which overwhelmingly passed the House in the 111th Congress by a vote of 406-4.
Congresswoman Maxine Waters (D-Calif.) yesterday reintroduced H.R. 1567, the Foreclosure Prevention and Sound Mortgage Servicing Act of 2011. Congresswoman Waters has introduced similar legislation since the 110th Congress, and has long maintained that the servicing industry is broken. By reintroducing and updating the bill, Congresswoman Waters continues to demonstrate her commitment to ending the foreclosure crisis and holding servicers accountable.
by Jon Prior
Mortgage servicers may have to review as much as $535 billion in loans for possible remediation to borrowers who suffered financially from improper foreclosures, according to an estimate from the investment bank Keefe, Bruyette & Woods.
Remediation was one of the requirements of the consent orders signed between 14 mortgage servicers and the Office of the Comptroller of the Currency and the Federal Reserve after an investigation into foreclosure problems. The regulators found the problem had spread industry wide.
By Alejandro Lazo and E. Scott Reckard
Citing "pervasive" misconduct in foreclosures, federal regulators have ordered the nation's biggest banks to overhaul their procedures and compensate borrowers injured financially by wrongdoing or negligence.
The four major bank regulators said their actions, to be followed by fines, wouldn't interfere with a wider-ranging investigation conducted by a coalition of state attorneys general and other federal agencies, including the departments of Justice, Treasury and Housing and the Federal Trade Commission.
By Dina ElBoghdady
Three federal agencies announced agreements with the nation's largest mortgage servicers Wednesday that aim to stem shoddy foreclosure practices. But the plans do not immediately impose financial penalties on the companies or force them to reduce the mortgage debt for troubled borrowers.
By Lorraine Woellert
The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse, the first of a set of sanctions regulators are seeking against the companies.
The settlement announced today between servicers and banking regulators could help the U.S. Justice Department determine the size and scope of fines for the flawed practices, regulators said.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, released the following statement today:
by Jon Prior
Members of the House Financial Services Committee want more information on how Fannie Mae and Freddie Mac contract with companies charged with managing and reselling previously foreclosed homes, known as REO.
Rep. Maxine Waters (D-Calif.) introduced an amendment to eight bills on reforming the two government-sponsored enterprises that would require the Federal Housing Finance Agency Inspector General to report on the REO selection process and recommend how to improve it.
"Mr. Chairman, I'd like to thank you for convening this mark-up this morning, and for this Subcommittee's continued attention to the state of the Government Sponsored Enterprises (GSEs).