Congresswoman Waters Stands Up for Legal Assistance for Homeowners Facing Foreclosure
Congresswoman Maxine Waters (D-CA), chairwoman of the Housing and Community Opportunity Subcommittee, took to the House floor this morning in support of H.R. 5510, the "Aiding Those Facing Foreclosure Act of 2010," which would allow states to use their Hardest Hit Funds to provide legal assistance for homeowners facing foreclosure. In her impassioned speech, Congresswoman Waters said, "It is unthinkable that we could have used TARP funds for every major corporation, all of the banks, all of the ‘too big to fail', and yet we would deny homeowners in the hardest-hit states some assistance…This whole industry has failed us, and we're allowing homeowners to swim out there, alone, by themselves, with no help. Let's help the American people; it's the least we can do as we close out this 111th Congress. We can not only send this message…we can stand up and demand that they get the kind of help that will keep them and their families in their homes."
On November 18, 2010, Chairwoman Waters held a hearing that explored some of the corner-cutting practices of servicers and highlighted the need for borrowers threatened by foreclosure to have legal representation.
Watch the 2-minute video of her support for HR 5510 here.