Congresswoman Waters Celebrates Passage of Legislation to Help Families Save Their Homes
Congresswoman Maxine Waters (D-CA) hailed the passage by both the House and Senate today of the Helping Families Save Their Homes Act (S. 896), legislation that she believes will help American families and communities weather the current housing and financial crises.
Congresswoman Waters said, "This legislation is appropriately named because it truly will help families save their homes at a time when many are anxious about foreclosure and even homelessness."
As Chairwoman of the Financial Services Subcommittee on Housing and Community Opportunity, Congresswoman Waters played a leading role in shaping two provisions that are included in the bill, one to prevent the worst subprime lenders who have preyed on prospective homebuyers from participating in Federal Housing Administration (FHA) loan programs – which help families refinance into safer mortgages. Congresswoman Waters also worked with Senator Patrick Leahy (D-VT) to improve the Neighborhood Stabilization Program (NSP) to allow states that have received the minimum NSP funding to shift resources to target areas most at risk of foreclosure.
The bill also includes provisions such as an update to the McKinney-Vento Homelessness Assistance Program, which will provide an additional $2.2 billion to the program for Fiscal Year 2010 and redefine "homeless" so as to protect families with children and families who will lose their homes in a window as short as 14 days.
"Over the last two years the housing bubble burst, and millions of Americans have lost their homes. Millions more are now teetering on the edge. This legislation will prevent many foreclosures and help strengthen the housing market," Congresswoman Waters said.