Rep. Howard Berman Votes No on GOP Plan that Would Worsen California’s Foreclosure Crisis

March 17, 2011
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Category: News || Foreclosures, Homeless & Crisis Assistance | 3 Comments


Washington, D.C. - March 17, 2011 – (RealEstateRama) — Over the past two weeks Congressman Howard Berman (CA-28) has voted against three separate Republican proposals that would hurt struggling homeowners and further exacerbate the foreclosure crisis facing California.  Congressman Berman has been working to help homeowners struggling to avoid foreclosure and recently hosted a Homeowners Assistance and Retention Workshop in Van Nuys where over 100 Valley residents received free counseling.

“Foreclosures hit all of us – they hurt families, drive down home values, and weaken communities,” said Congressman Howard Berman.  “This is why I strongly opposed legislative proposals offered by the Majority that would further weaken California’s housing market and drive up the foreclosure rate.  Instead, I support efforts to help homeowners and strengthen the housing market, which are crucial to our economic recovery.”

Seven million families have lost their homes to foreclosure since the housing bubble burst – often times through no fault of their own as a result of a job loss.  To further compound the problem, in Los Angeles more than 378,000 homeowners are “underwater” meaning they owe substantially more on their mortgages than their houses are worth because of the drop in housing values.  Ending efforts to strengthen the housing market will weaken the middle class, worsen the foreclosure crisis, and jeopardize our already too fragile economic recovery.

The following are summaries of the three bills Congressman Berman opposed because they worsen the impact of the foreclosure crisis:

•    H.R. 830, FHA Refinance Program Termination Act, abolishes help for families who are underwater to refinance into lower-cost mortgages they can afford to repay.

•    H.R. 836, Emergency Mortgage Relief Program Termination Act, eliminates short-term loans for up to 33,000 homeowners who lost their jobs through no fault of their own and are at risk of losing their homes.

•    H.R. 861, Neighborhood Stabilization Program Termination Act, eliminates efforts to strengthen neighborhoods hardest hit by the foreclosure crisis by providing resources to allow cities and states to buy up and rehabilitate foreclosed and abandoned homes that are driving down home prices, and destabilizing neighborhoods.

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Comments
Comment by ranntraci on March 18, 2011 @ 9:52 pm

Fannie Mae bought my home, or rather the loan had already been transferred to her prior to setting up for short sell to avoid auction. I was asured that if I let the newer home go they would look into possible modification on older home that I owe 200,000 less on, had turned it into rental, until short sale, then unable to rent. Anyway almost 2 yrs trying to modify personal residence, never received a formal packet, used funds to catch up second to resubmit, only to be denied once again. Having moved most things back to original residence, told absolutely not, both homes up for foreclosure at the same time. I own 4 homes, inherited property that was split 3 ways and I transfered into 1031 real estate, lucky me; it is preferred that one loses everything rather than assist, especially if you were at one time industrious, now injured, early retirement, and lots of issues that throws someones life upside down, dealing with the banks has been extremely stressful, being audited like some criminal as too where I am living has been at the very least disgusting among other issues. There is no where to turn, after they turn the screws really tight you are told to seek legal counsel, if I wasn’t on a fixed income I would,

Comment by ranntraci on March 18, 2011 @ 9:58 pm

the new program where they buy up blight, some deal the hud housing, fannie & federal housing has made with the city, guess we qualify for that, however I didn’t qualify for a modification, they had rather sell my home for 127,000 value is 160,000 I did owe 326, now it is 400 makes no difference, owned it 12 years, makes no difference, loan is fraudulent, makes no difference, only person being slammed is the homeowner; so if something happens and you end up on a fixed income you have to lose everything? There is no one to protect your rights? Employers can do whatever they want, it is big business, and the banks continue right along with them. REally sucks this shouldn’t have happened.

Comment by jaclyn on March 19, 2011 @ 10:21 am

PLEASE GO TO BROOKSTONE LAW FOR HELP. YOU MAY QUALIFY TO JOIN THE NATION WIDE MASS JOINDER (NOT CLASS ACTION) TO FIGHT BACK. MITCHELL J STEIN IS LEAD NATIONAL ATTORNEY FOR THIS JOINDER: LOOK UP WRIGHT V. BOFA…SCROLL DOWN TO END FOR INFO ON SOME OF THE PLAINTIFFS. DON’T GIVE UP. PLAINTIFF #109.

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