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Representative Heinrich Supports Moderate Plan to Help Keep New Mexicans in their Homes

Press Release

Date: March 5, 2009
Location: Washington, DC
Issues: Housing and Property


Representative Heinrich Supports Moderate Plan to Help Keep New Mexicans in their Homes

Representative Martin Heinrich (NM-01) voted today in favor of H.R. 1106, The Helping Families Save Their Homes Act, which brings fairness and hope to families who are facing foreclosure.

"This bill is a responsible step to help put American homeowners back on the right track," said Rep. Heinrich. "Over the last week, I worked with my fellow new members and Congressional leaders to make needed changes to the original proposal. As a result, this bill helps families who are most in need to stay in their homes without rewarding irresponsible behavior by others."

The Helping Families Save Their Homes Act gives bankruptcy judges the ability to modify existing mortgages for families who file for Chapter 13 bankruptcy as an incentive to spur lenders into voluntarily modifying loans. The current policy only allows such a modification to mortgages on vacation homes or investment properties. This legislation levels the playing field by extending this same modification option to mortgages on a primary residence.


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