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 JON PRIOR
State and local governments and nonprofits project that the first two rounds of the Neighborhood Stabilization Program will fund the rehab or demolition of 100,000 homes abandoned after foreclosure.
Speaking before a House subcommittee hearing Wednesday, Mercedes Ma?rquez, assistant secretary for community planning at the Department of Housing and Urban Development launched a defense of all three rounds of NSP spending, outlining the direct effects the program will have on blighted neighborhoods across the country.
By Peter Schroeder
Treasury Secretary Timothy Geithner found few Democratic allies on the House Financial Services Committee Tuesday, as the administration's report on housing finance found more critics on the left than the right.
Geithner came to Capitol Hill to mount the first public defense of the administration's housing report, which was released Feb. 11.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee and Ranking Member of the Subcommittee on Capital Markets and Government Sponsored Enterprises, delivered the following opening remarks today during a hearing entitled ‘Mortgage Finance Reform: An Examination of the Obama Administration's Report to Congress'. Treasury Secretary Timothy Geithner was before the committee:
"Thank you, Mr. Chairman, for holding this important hearing this morning.
By Jim Puzzanghera and E. Scott Reckard
Federal and state officials are analyzing proposals that could help people who lost their homes or missed mortgage payments as a key part in resolving a multibillion-dollar case over botched foreclosure paperwork.
Government negotiators are wrestling with banks and their mortgage servicing arms over the amount of the settlement — from $5 billion to $20 billion — and then must decide how best to use the money.
by Kerri Panchuk
Regulators may have their hearts set on a $20 billion settlement with mortgage servicers, but that's not enough to make up for the $1 trillion lost in family wealth since 2008, Rep. Maxine Waters (D-Calif.) said Friday.
Waters issued that statement after reports surfaced that regulators have plans to settle with embattled lenders and servicers for $20 billion. Any money from the proposed settlement would be used to help borrowers who are underwater on their mortgage and to support loan modifications.
By Jennifer Liberto
In the latest blow to Obama signature programs, Republicans are now aiming to kill several White House plans aimed at keeping underwater borrowers in their homes.
By Nick Timiraos
A top Democrat on the House Financial Services Committee signaled that the broad outlines of a settlement to resolve mortgage-servicer abuses should push for penalties higher than the reported $20 billion figure.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, issued the following statement today after reports of a deal between the Obama Administration and mortgage servicers to settle systemic fraud issues in the servicing and foreclosure industry:
A top House Republican has announced plans Thursday to begin efforts to dismantle a package of Obama administration programs seeking to help troubled homeowners avoid foreclosure, an effort that is unlikely to become law any time in the near future because of staunch Democratic opposition.
By Phil Mattingly
U.S. House Republicans plan to move forward with bills that would end anti-foreclosure programs put in place by President Barack Obama's administration, saying they are doing more harm than good.
The House Financial Services Committee will consider bills next week to terminate four mortgage assistance programs, including the Treasury Department's Home Affordable Modification Program, or HAMP.