President Obama Praises Congresswoman Waters for her Work to Help Families Save Their Homes

President Barack Obama today praised Congresswoman Maxine Waters (D-CA) for her role in shaping and passing the Helping Families Save Their Homes Act (S. 896), legislation that will prevent many home foreclosures and strengthen the housing market.

Congresswoman Waters was one of a select few House and Senate leaders invited to attend the signing ceremony for the legislation today at the White House.  In expressing his thanks to those who have played key roles on this issue, President Obama said that Financial Services Committee Chairman Barney Frank and Congresswoman Waters "have done a great job".

Congresswoman Waters, who chairs the Housing and Community Opportunity Subcommittee, introduced a provision included in the bill 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.  She was also instrumental in the reauthorization of the McKinney-Vento Homeless Assistance Act, which was included in S. 896.

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.

Congresswoman Waters said, "I am pleased that we were able to pass this important legislation to help families save their homes.  I will continue to work with the President and my colleagues in Congress to prevent foreclosures and strengthen the housing market."

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