Issue Position: Housing

Issue Position

"Our economy will continue to suffer, and consumer confidence will never return if we do not help hard working middle class families navigate this mortgage nightmare."

In California, more than 34 percent of homeowners with mortgages are considered "underwater" because they owe more on their homes than they are worth. Many communities in our district were especially hard hit when the housing market burst.

The largest asset most middle class families have is their home, and our economy will continue to suffer and consumer confidence will never return if we do not help hard working families navigate through this mortgage nightmare.

That is why I am fighting for significant steps to be taken that will help keep people in their homes, and get back above water. All homeowners should have the opportunity to refinance their mortgages at today's historically low rates. On average, this would put $3,000 back into the pockets of middle class families. This would equal a $50 billion a year economic stimulus -- something our economy could certainly use.

In addition, we must have a significant principal reduction plan in place for underwater homeowners. This would allow homeowners to get their mortgages reappraised so they more accurately reflect the market value of the house. This keeps people in their home longer and keeps neighborhood values up. It is good for homeowners, good for communities and good for our economy.

Source