Representative Tim Walberg

Housing Affordability/Preventing Foreclosures

Housing Affordability/Preventing Foreclosures

My Agenda:
- Pass the Expanding American Homeownership Act
- Stop taxes on Mortgage Debt Forgiveness
- Advance an agenda that grows our economy and creates good-paying jobs
- Encourage struggling families to seek help as early as possible
- Make my office open to help those who may be in trouble (1-877-TIM-MI07)

A lack of leadership in Lansing and a slumping national economy have led to challenging times for Michiganders. Our economy has frustrated people who've had dreams of home ownership and put many folks in difficult situations. The best thing any struggling family can do is seek help as early as possible.

- Foreclosure Workshops
According to an article in the Detroit Free Press, Michigan ranked sixth nationwide for foreclosure filings in February. In March, I hosted two foreclosure workshops (pictured above) designed to help those worried about losing their homes.The first hour of the workshops included presentations and Q&A on foreclosure prevention with representatives from federal, state, and local organizations. Following the first hour, local credit unions, banks and lenders were available to answer questions and provide assistance on an individual level. Hopefully these workshops and similar events across south-central Michigan will provide assistance to struggling families.

- Encouraging Homeownership
I voted for the Expanding American Homeownership Act, which will help more low- and moderate-income American families realize the dream of home ownership and prevent many first time and inexperienced home buyers from being pushed into loans that are unaffordable. This legislation will increase flexibility for borrowers regarding the down payment process and down payment options. I also voted to stop taxes on mortgage debt forgiveness and to modernize the Home Equity Conversion Mortgage Program, which will help more seniors afford to stay in their homes and afford Mortgage Insurance. This bill also increases counseling to help make consumers more informed to prevent fraud and abuse.

- State Leadership Needed
The Michigan Legislature and Governor raided $7 million of the $9 million fund designated to investigate mortgage fraud in Michigan's recent state budget bills. This fund was put in place to help the “little guys” currently hurting. I will continue working to advance an agenda that grows our economy and creates good-paying jobs by stopping tax increases, lowering the tax burden, making government live within its means, balancing the budget and making health care more affordable. Tax increases drive good-paying jobs out of Michigan. Michigan needs policies that grow our economy and create good-paying jobs that stay in Michigan. Driving businesses out of Michigan makes the overall economic situation worse and affects homeownership.