Rep. Fudge Votes For Foreclosure Relief

“This bill  is timely and desperately needed in the 11th District of Ohio. The Center for Responsible Lending projected 5,566 foreclosures in 2009 and 18,531 foreclosures over the next four years. Within the state of Ohio the projection is much grimmer– 87,500 foreclosures in 2009. I had an opportunity to vote for relief and I choose to do so.”

 42-15465725 Last week, the house passed the Helping Families Save Their Homes Act in an effort to reduce the mounting number of foreclosures in the nation.  Rep. Marcia Fudge (D-OH) was one of the 246 members of Congress who voted to pass the legislation.  It’s passing marked the first step in moving forward President Obama’s comprehensive Homeowner Affordability and Stability Plan.

 It includes incentives that encourage lenders to negotiate affordable mortgages for homeowners who are experiencing financial strains, at risk of foreclosure or nearing bankruptcy.  With its passing, foreclosures could be reduced by 20 percent.

 Rep. Fudge said regarding the plan, “Incentives are provided to lenders to renegotiate mortgages fairly and directly with homeowners. ”  Protection from lawsuits for reasonable loan modifications, reduction in fees that discouraged voluntary participation in the past and new incentives to negotiate loan modifications are all offered to participating lenders. 

Furthermore, homeowners are allowed to appeal to bankruptcy judges, only as a last resort, to modify the loan terms of their existing mortgages.  This common-sense, practical approach costs nothing to taxpayers.   

“The act is designed to keep individuals in their homes. Whether you own one property or several you deserve to have the same benefit of the law. It only makes sense to give every person an opportunity to save their home.”  Representative Marcia L. Fudge (D-OH)