Congressman Joseph Crowley applauded the passage of the Helping Families Save Their Homes Act (H.R. 1106) to stabilize the housing market and help struggling homeowners. Once enacted, thousands of responsible homeowners in Queens and the Bronx would be able to secure more affordable mortgages and keep their homes. The bill is estimated to reduce foreclosures by 20% nationwide and passed by a vote of 234 to 191.
“To thousands of families across the Bronx and Queens who are struggling with their mortgages: help is on the way,” said Crowley. “A house foreclosure affects more than just the owner – it affects the entire neighborhood by deflating nearby home values by almost 9 percent. Today, we took an important step forward in our efforts to help millions of responsible families in their homes, reduce foreclosures 20% nationwide, and keep our communities intact. Our nation’s economic health depends on us putting our housing system back on track.”
The Helping Families Save Their Homes Act (H.R. 1106) comprehensively addresses many of the needs that struggling families are facing in the foreclosure crisis. The legislation, upon enactment, will get more families into affordable mortgages, protect lenders from lawsuits for reasonable loan modifications, fix the Federal Housing Administration’s Hope for Homeowners program, reduce current fees that have discouraged lenders from voluntarily participating, and offer new incentives for lenders to negotiate loan modifications with borrowers at risk of foreclosure.
The legislation is supported by Citigroup, AARP, Center for Responsible Lending, Consumers Union, Attorneys General of 21 states, Leadership Conference on Civil Rights, National Federation of Community Development Credit Unions, and National Fair Housing Alliance. The bill now moves to the Senate for consideration.
Crowley is a member of the exclusive House Committee on Ways and Means.