Washington, D.C. – Idaho Congressman Walt Minnick today voted for a measure designed to help struggling families keep their homes.
“Government should not be in the business of rescuing people from their poor choices, whether it’s CEOs who spent lavishly on corporate jets or overeager homeowners who bought more than they could afford,” Minnick said. “However, those poor choices and many others have caused many other Americans to lose their jobs, struggle to pay their bills and face the real likelihood of losing their home, which is one of the root causes of our current economic crisis.”
Minnick has long advocated allowing bankruptcy judges to serve as impartial negotiators between banks and homeowners to help restructure mortgages in a way that prevents foreclosures, keeps people in their homes and thus helps stabilize local housing markets. Doing that requires flexibility so the experts can work with the lender and the borrower to craft a deal that is in the best interests of both. Communities, banks, struggling families, responsible homeowners and taxpayers are not served by the continuing crush of foreclosures, Minnick said. Something needs to be done.
“I applaud the President for a good start in stemming the tide of foreclosures in Idaho and across America,” Minnick said. “Diligent homeowners who make their payments on time will be punished even more if we do not stop the bleed of foreclosures. This bill is not perfect, but is a step in the right direction. And as a member of the House Financial Services Committee, I will watch over implementation of this program like a hawk.”
Minnick pledged that every 30 days he will examine the re-default rates of those who benefited from the program, and will seek adjustments to the eligibility requirements at the first sign that people who do not need this program are taking advantage of the provisions.
“The benchmarks for this bill must be more than just reduced foreclosure rates and the stabilization of the housing market,” Minnick said. “We also need accountability to make sure the help is going to those who truly need it, and to make sure we can wind this program down as our economy rebounds.”
Minnick supports 'Helping Families Save Their Homes' Act
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