Helping Families Save Their Homes Act Of 2009
Floor Speech
Helping Families Save Their Homes Act Of 2009
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Ms. TITUS. Mr. Chairman, I rise today with an amendment to H.R. 1106, the Helping Families Save Their Homes Act.
As you know, the foreclosure crisis is wreaking havoc across the entire Nation, but my district in Southern Nevada is particularly hard hit. Nevada has the highest foreclosure rate in the country. Home prices have dropped significantly. Thousands of families are upside-down on their mortgages, and foreclosures are extending into the prime market. In fact, there was a report that was issued today by the First American CoreLogic group that stated there were 58.2 percent of Las Vegas houses upside-down and another 3.5 percent that are fast approaching that for a total of 61.7 percent of all outstanding mortgages. Compounding the problem even further, the unemployment rate in Nevada is over 9 percent, well above the national average. Families who are responsible and bought a home within their means are now facing foreclosure due to loss of a job or reduction of hours at work.
Foreclosure prevention, I believe, is a critical part of any strategy to get us back on track. I strongly believe that aggressive outreach to borrowers can help prevent unnecessary foreclosures, and that is exactly what my amendment seeks to address.
The amendment is simple and straightforward. In short, it would require that servicers who participate in the HOPE for Homeowners Program and receive government incentives paid for by taxpayer dollars notify at-risk homeowners that they may be eligible for the program and tell them how to obtain information regarding the program. It also requires that the HUD Secretary define who are at-risk homeowners and prescribe a form and manner of notifying them of their potential eligibility for assistance.
By requiring HUD to define what is meant by ``at risk'' and to prescribe the method of notification of eligible homeowners, my amendment attempts to limit the administrative burden on the servicers. At the same time, it ensures that homeowners who are in danger of losing their homes and may be eligible for help will receive as much information as possible about the HOPE for Homeowners Program. Many people in trouble do not even know what help is available to them, and this amendment will help resolve that problem so they can find out about HOPE for Homeowners in a timely fashion before it's too late. I cannot tell you how many calls I have received from constituents in my district office who are facing foreclosure and don't know where to turn. This amendment will provide them with the information and help they need under this very important legislation.
Mr. Chairman, I have discussed this issue with Chairman Frank of the Financial Services Committee and understand that he has some reservations regarding the scope of the amendment. He intended to be here but was delayed by a press conference. Although I intend to withdraw the amendment, I think it's important that we have the discussion on this issue today, and I appreciate your indulgence. I also look forward to working with Chairman Frank as we move forward to improve notification requirements and address the foreclosure crisis in our country.
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