Posted by: Office Staff (June 03, 2008, 09:44 AM)
Posted in Housing, Photos, The District |
0 Comments |
Permalink
Top of Page
Posted by: Hank Johnson (May 13, 2008, 12:40 PM)
FRIENDS: Last week, my colleagues in the House of Representatives and I passed the most comprehensive response yet to the ongoing mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the crisis currently faced by middle-class Americans and provides financial authorities and the federal government the tools to prevent such a meltdown in the future.
U.S. families are expected to lose more than $2.6 trillion in housing wealth between 2007 and 2009. As home prices continue to fall, homeowners' debt on their houses has exceeded the equity in their homes for the first time since 1945. I have heard from hundreds of constituents – many of whom are credit-worthy but cannot refinance – who are agonizing over this housing crisis. It is estimated that over 7,000 homeowners are losing their homes daily and an additional 40 million neighboring homeowners could see their property values decline as wealth is destroyed throughout entire communities.
H.R. 3221 combines a number of bipartisan proposals, including measures to modernize the Federal Housing Administration (FHA) and reform “government-sponsored enterprises” such as Fannie Mae and Freddie Mac. These reforms will provide crucial liquidity to our mortgage markets today and strengthen future regulation and oversight.
The housing package will help families facing foreclosure keep their homes, help other families avoid foreclosures in the future, and facilitate the recovery of communities damaged by the housing crisis. Generally, provisions include:
- establishment of an FHA program to refinance loans at risk of going into foreclosure;
- assistance for states to purchase, sell, and rent foreclosed homes to stop neighborhood values from plummeting;
- tax credits for first-time homebuyers;
- an expanded foreclosure grace period for veterans and personnel returning from active duty;
- and more reverse mortgage opportunities for seniors.
These measures will not fully solve any of our problems. Only time, during which home values can settle to their natural level, will allow us to move on. But this aggressive action will reduce the pain felt by ordinary Americans who have been unfairly harmed by a crisis rooted in the irresponsibility of a few borrowers and the greed of a few lenders.
If the most powerful banks in the world – some of whom were complicit in the trade of reckless and fraudulent mortgages – are to receive federal assistance, as they have, so should ordinary American homeowners who are just trying to make ends meet during a time of declining home values, rampant foreclosures, and rising prices at the store and the gas pump.
Posted in Economy, Housing, My Legislation |
3 Comments |
Permalink
Top of Page
Posted by: Office Staff (April 03, 2008, 04:22 PM)
These are difficult times for home owners. To help the people of Georgia's Fourth Congressional District weather this financial storm, Hank will host a Home Owner Summit on Saturday, April 12.
Home Owner Summit: Purchase and Protect Saturday, April 12, 2008 11:00 am – 3:00 pm
Salem Bible Church 5460 Hillandale Dr.
Lithonia, GA 30058
CLICK FOR DIRECTIONS (map at bottom of this page)
This Home Owner Summit will be comprised of innovative and informative discussion on preserving homeownership within Georgia’s Fourth Congressional District.
Come find out what works and what doesn’t. Hear about programs that are available. This is a day for home owners, housing organizations, lenders, realtors, housing counselors, local, State and Federal Governments to participate in discussion about foreclosure prevention strategies, lending options for potential home owners, and solutions for homeowners in default.
Attendance is free and all are invited. We hope to see you there!
View Larger Map
Posted in Economy, Housing, The District |
0 Comments |
Permalink
Top of Page
Posted by: Office Staff (October 12, 2007, 06:20 PM)
[LAST UPDATED MAY 12, 2008]
Home ownership is at the heart of the American dream. Homes are the building block of neighborhoods. And they’re an important part of a family’s financial security.
That's why foreclosure is such a painful experience for the one and a half million Americans who will lose their homes to foreclosure this year. In September of 2007 alone, 223,000 Americans faced foreclosure.
My colleagues in the House of Representatives and I passed legislation on May 8, 2008, that will respond directly to the crisis currently facing middle class Americans and provide the tools to prevent a similar housing crisis in the future. The Foreclosure Prevention Act of 2008 (H.R. 3221) will slow the spread of foreclosures and restore confidence in the housing market by providing more affordable refinancing and borrowing options for American families.
Please do not hesitate to call my Washington, DC, office if you need any additional assistance; ask for Todd Williamson or Jonathan Ossoff. The number is (202) 225-1605.
What is Home Foreclosure?
According to the Home Ownership Preservation Foundation (995hope.org), foreclosure is "a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company to assume ownership of a property when the required loan payments are not made. Foreclosure obliterates otherwise good credit.
"Although the actual process varies from state to state, foreclosure revolves around a homeowner's inability to keep up with monthly mortgage payments. The farther behind the homeowner gets, the closer to foreclosure the homeowner becomes."
Click here to open a new window with a list of common myths about foreclosure.
How to Avoid Foreclosure
If you are facing financial difficulty and suspect you may be unable to make your payments on time, first contact your lender. You may be able to renegotiate the terms of your mortgage.
We also highly recommend you consult the resources listed below (Atlanta Legal Aid Society and the Home Ownership Preservation Foundation). It is better to have contacted them before you are in urgent need of assistance.
What Can Families & Individuals Facing Foreclosure Do?
Atlanta Legal Aid Society and the Home Ownership Preservation Foundation are non-profit resources for families and individuals facing foreclosure. We recommend you contact both to maximize your access to information. Contact Atlanta Legal Aid at one of their offices:
- DeKalb County: (404) 377-0701
- Gwinnett County: (678) 376-4545
- Downtown Atlanta: (404) 524-5811
- SENIOR CITIZEN HOTLINE: 1-888-257-9519
- South Fulton / Clayton County: (404) 669-0233
We highly recommend the Home Ownership Preservation Foundation hotline for immediate counsel. HPF's representatives -- experienced advisors from HUD-approved agencies -- will be able to give you support and advice in your hour of need. Call now: 1-888-995-HOPE (4673).
Posted in Economy, Housing, The District |
10 Comments |
Permalink
Top of Page
Posted by: Hank Johnson (June 05, 2007, 10:09 PM)
FRIENDS: Please join my staff on June 16 for a very important town hall meeting, "Stopping Foreclosures" -- a Q&A session with expert representatives from HUD, Metro Fair Housing, Atlanta Legal Aid, and Washington Mutual.
WHAT: Financial experts will answer your questions regarding home foreclosures
WHEN: June 16, 2007 -- 9AM until 1PM
WHERE: Lou Walker Center - 2538 Panola Road - Lithonia 30058 [click here for directions]
Many of us are facing hardship as we struggle to service our mortgages. Those of us who are in the clear today may face tough times tomorrow. It only makes sense that we be as prepared as possible to defend our homes and neighborhoods against financial threats.
Please join me for this important town hall meeting. Call (770) 987-2291 for more information.
--Hank
Posted in Economy, Housing, The District |
3 Comments |
Permalink
Top of Page
