Foreclosure

June 9, 2009 -- Connecticut Governor M. Jodi Rell today announced that her plan to distribute $3.6 million in federal stimulus block grants to help small cities and towns rebuild their neighborhoods hit hardest by the foreclosure crisis will be the subject of a public hearing Wednesday at the Legislative Office Building.

The Governor said funds will allow a dozen communities to buy and rehabilitate foreclosed and vacant homes so that they can be re-sold at affordable prices to low- and moderate-income families. The municipalities will also be able to upgrade critical infrastructure in those neighborhoods, such as water and sewer lines, streets and sidewalks.    » read more »

June 8, 2009 -- Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, called on Senate Appropriations Committee members as well as members of the Subcommittee on Transportation, Housing and Urban Development to provide ample funding for housing and community development activities in the Fiscal Year 2010 Transportation and Housing and Urban Development appropriations bill.    » read more »

Governor, Congressional delegation discuss solutions to the crisis at Regional Forum

June 08, 2009 --
RICHMOND - Virginia Governor Timothy M. Kaine today announced the award of $17.5 million in Neighborhood Stabilization Funding to localities for purchasing and rehabilitating foreclosed homes so that they can be resold to low-to-moderate income families. This announcement follows the award of $7 million in funding in April.

"We have worked quickly to put together an effective program to address the impact of foreclosures across the state," Governor Kaine said. "Virginia is not immune from our national economic problems, and we are continuing to take steps to ease the housing crisis by finding and applying solutions."    » read more »

Asks Treasury Nominee to Provide Data about Program's Effectiveness, Make Loan Servicers Accountable

June 4, 2009 -- Citing a report in yesterday’s New York Times, Senator Chris Dodd (D-CT) questioned Herb Allison, the nominee to be the Treasury Department’s Assistant Secretary for Financial Stability, about the effectiveness of the Administration’s foreclosure mitigation program at Mr. Allison’s confirmation hearing today.    » read more »

Proposed Legislation Will Protect Distressed Homeowners and Tenants, Prevent Urban Decay, and Establish Safeguards Against Foreclosure Rescue Scams

June 3, 2009 -- New York Governor David A. Paterson today announced legislation that would build upon a landmark subprime lending reform law enacted last year by providing additional critical protections for New York State homeowners, tenants and neighborhoods in the wake of the ongoing foreclosure crisis. The bill would help homeowners currently at risk of foreclosure and minimize the negative impact that foreclosures can have on a community.    » read more »

June 2, 2009 -- Colorado Governor Bill Ritter and more than a dozen state agencies, nonprofits and service providers today hosted an opportunity and help fair at the Capitol for working families struggling to survive the economic downturn.

At the fair, Gov. Ritter also signed into law six bills that will help families through this challenging time, including measures that extend unemployment benefits and provide a foreclosure "time-out" to responsible homeowners.

"We must do everything we can to help those who are struggling, to keep Coloradans in their jobs, and to keep families in their homes," Gov. Ritter said. "Today we are providing direct and immediate assistance to working families and we will continue to do so in the months ahead.    » read more »

Stemming Foreclosures and Keeping Families in Their Homes

May 29, 2009 -- Foreclosures continue to drag down our economy, and Michigan has one of the worst foreclosure situations in the nation. To address this issue, Congress passed and President Obama recently signed into law the Helping Families Save Their Homes Act of 2009.

The act expands and improves the Help for Homeowners program, the Federal Housing Administration’s tools to protect homeowners, and various counseling and foreclosure prevention programs to provide access and assistance to more people. It will bring much-needed help to many homeowners who are trying desperately to save their homes.    » read more »

Guidelines for use with new federal Neighborhood Stabilization Program funds

May 27, 2009 -- Calabasas, Calif. - As part of its commitment to stabilize communities hardest hit by foreclosures, Bank of America Home Loans has announced new streamlined capabilities for municipalities to purchase properties from its real estate-owned (REO) portfolio.

The new guidelines are exclusively for local and state government departments receiving U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP) grants, to more easily and quickly acquire foreclosed properties for resale to home buyers or to address other community development needs.    » read more »

In-State Tuition, Foreclosure Protection Among Bills Signed by Governor

May 26, 2009 -- WATERLOO – A day after Americans observed Memorial Day, Iowa Governor Chet Culver visited the Sullivan Brothers Iowa Veterans Museum to sign four bills into law to benefit veterans and service members.

The legislation signed by Governor Culver includes enabling veterans to pay in-state college tuition in Iowa and strengthening foreclosure protections for families of Iowans on active duty.    » read more »

May 20, 2009 -- WASHINGTON – Today, President Obama will sign the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law.

"These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again," said President Obama.    » read more »

May 21, 2009 -- Washington - AARP Executive Vice President Nancy LeaMond applauded President Obama for signing the mortgage relief bill but warned that too many older homeowners still stand at risk of foreclosure. Following is her statement:

“The mortgage relief bill voted out of Congress and signed by President Obama offers some hope for some homeowners, but Congress has yet to give many older homeowners a sensible, affordable and sustainable way to workout their mortgage debt that also takes their other household debt into account. Nine in ten older Americans say they want to stay in their homes for as long as possible, but AARP research shows that even at the end of 2007, a quarter of all foreclosures or delinquencies were on mortgages held by Americans age 50+.    » read more »

May 20, 2009 -- WASHINGTON, D.C. -Today, Senator Daniel K. Akaka attended President Barack Obama's signing of the Helping Families Save Their Homes Act of 2009 in the East Room of the White House. President Obama greeted Senator Akaka after the ceremony, and Akaka passed along well wishes from his family and the people of Hawaii.

"I was proud to support this legislation that will help improve the lives of people without adequate housing," Akaka said. "With President Obama's signature today, this legislation will help provide federal resources and flexibility to local communities to create adequate housing for their residents."    » read more »

Homeowners, lenders will have extra time to work out new deal

May 21, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm has signed legislation that helps protect homeowners from foreclosure by providing an extra 90 days for them to work with their lender on modifying their mortgage loan.

"We are committed to protecting Michigan families and helping them keep their homes," said Granholm, who called for similar legislation in her 2009 State of the State address. "This new law delivers on that commitment by providing homeowners extra time and assistance to save their home and preserve their American Dream."

The new law takes effect in 45 days and:    » read more »

Dodd Attends Signing Ceremony Joined by Two Connecticut Residents

May 20, 2009 -- Connecticut Senator Chris Dodd, the Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today attended President Obama’s signing ceremony for the Helping Families Save Their Homes Act, legislation that Dodd sponsored to help prevent foreclosures and increase the availability of credit for consumers and businesses.

Dodd was joined at the ceremony by two supporters of the bill from Connecticut: Tony Emerson, the Executive Director of the Credit Union League of Connecticut, and Carol Walter, the Executive Director of the Connecticut Coalition to End Homelessness.    » read more »

Bill Now Goes to President Obama for His Signature

May 19, 2009 -- Washington, DC – Today, the House and Senate gave final approval to a broad housing bill that would help homeowners refinance to stay in their homes, increase funding for foreclosure prevention efforts and establish new protections for renters who face eviction because they are living in foreclosed properties.

The House voted 367-54 for the bill, which included two key amendments sponsored by U.S. Senator Barbara Boxer (D-CA). The first provision requires that homeowners be alerted within 30 days if their lender sells or transfers their home mortgage loan. The measure would help homeowners whose efforts to avoid foreclosure have been complicated because they can’t find out who owns their mortgage.    » read more »