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 Jeremy Pelofsky
FBI Director Robert Mueller defended on Wednesday the Obama administration's efforts to prosecute Wall Street executives responsible for the U.S. mortgage meltdown amid criticism from some lawmakers that not enough has been done.
The agency has more than 3,000 open investigations into mortgage fraud alone, with 94 task forces and some 340 agents assigned, Mueller told the House of Representatives' Judiciary Committee.
Though their stated pledges since coming to power have been to 'cut the deficit' and 'create jobs,' House Republicans will soon take a series of votes to further solidify a radical agenda that does neither.
Congresswoman Maxine Waters (D-Calif.), the ranking member of the Subcommittee, issued the following opening statement:
Thank you, Mr. Chairman, for convening this hearing today to examine the potential for creating a covered bond market in the United States.
Today we convene to discuss covered bonds, and Representative Garret's covered bond bill, H.R. 940.
by Alan Fram
The House voted Friday to kill mortgage assistance for homeowners who have lost their jobs or become ill, as the two parties battled over how to balance frugality and compassion at a time of enormous budget deficits.
The mostly party-line 242-177 vote by the Republican-run House to abolish the Emergency Mortgage Relief Program may be as far as the legislation gets. The White House has threatened to veto the measure, and its prospects are shaky in the Democratic-controlled Senate.
By Pete Kasperowicz
House Republicans for the second day in a row on Friday voted to eliminate a federal mortgage program.
In a 242-177 vote, the House approved legislation rescinding $1 billion that was authorized last year for a Housing and Urban Development (HUD) program that helps unemployed people make their mortgage payments for up to 12 months. Eight Democrats voted with Republicans in support of the bill, and only two Republicans voted against it.
Congresswoman Maxine Waters (D-Calif.) today reintroduced her legislation to improve the National Flood Insurance Program (NFIP). Last year, the Congresswoman's NFIP legislation was passed by the House of Representatives with overwhelming bipartisan support, but was not taken up by the Senate. NFIP is the primary source of reliable, affordable flood insurance coverage for more than five million American homes and businesses.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, spoke out today against Republican attempts to terminate the Home Affordable Modification Program (HAMP) and the Neighborhood Stabilization Program (NSP). This was the second markup in as many weeks where Committee Republicans ended programs to help people stay in their homes and help communities weather the foreclosure crisis.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, issued the following statement today after details of the proposed settlement between state attorneys general and mortgage servicers were revealed:
by Zach Carter
As bank executives push back against the terms of a foreclosure settlement with fees that may be as high as $20 billion, progressive legislators, federal regulators and public interest watchdogs argue that securing appropriate relief to wronged homeowners is a critical step for restoring business confidence and reinvigorating the housing market.
By Meredith Shiner