Monday, Mar 5 2012 5:15PM
Advocates with the support of a senior member of the House Budget and Ways and Means Committees and the Congressional Progressive Caucus (CPC) have reached out to the Federal Housing Finance Agency (FHFA), asking it to write down mortgage principal amounts for underwater mortgage holders.
Advocates with the support of a senior member of the House Budget and Ways and Means Committees and the Congressional Progressive Caucus (CPC) have reached out to the Federal Housing Finance Agency (FHFA), asking it to write down mortgage principal amounts for underwater mortgage holders.
Together, the government-sponsored enterprises under control of the FHFA, Fannie Mae and Freddie Mac, back the majority of homes with mortgages in the country while many homeowners continue to face eviction. Oregon Congressman Earl Blumenauer says the government should be working harder to keep families in their homes. Additionally, he says
housing counseling and principal reduction will help struggling families and provide relief for the struggling market and economy.
"Nearly one in four Oregon homeowners owe more on their mortgage than their home is worth," said Blumenauer. "Nationwide, homeowners are underwater to the tune of $700 billion and millions of people have already lost their homes to foreclosure. The government should be doing everything in its power to help families stay in their homes and turn the economy around."
For further information, check out this source: Congressman Earl Blumenauer