October 12, 2011
Washington, D.C. – Today, members of the California Democratic Congressional Delegation (CDCD), chaired by Rep. Zoe Lofgren, sent a letter to President Obama urging him to act immediately to address our country’s troubled housing market. Specifically, the letter calls on President Obama to:
Full text of letter below:
October 11, 2011
The President
The White House
Washington, DC 20500
Dear President Obama:
As Members of Congress from California, we are writing to express our continuing concerns about the ongoing housing market decline and the manner in which the financial institutions are handling delinquent mortgages, mortgage modifications, and foreclosures. We believe that these institutions are failing to act in good faith and that there are immediate steps your Administration should be taking to address the devastating problems facing homeowners.
On October 4, 2010, we wrote to your Administration requesting help for struggling homeowners who were at the mercy of mortgage servicers. Our letter included dozens of cases from throughout California that highlighted systemic problems in the way financial institutions handle mortgages and the foreclosure process. Since then, we have held meetings with the Secretary of Treasury, Secretary of Housing and Urban Development and others outlining the enormous obstacles facing our constituents who are trying to save their homes. Additionally, in March 2011, a group of Members requested a meeting with the Vice President to discuss ways the Administration can be helpful. We continue to hear from our constituents that servicers are uncooperative, misleading and even deliberately obstructive and we have not seen successful efforts from your Administration in response.
In September 2011, RealtyTrac released data that showed that one in every 226 housing units in California had a foreclosure filing during the month of August alone – more than twice the national average. The data also showed that California had a staggering 55% increase in foreclosure notices in August, the second highest in the nation. Numerous reports indicate that our housing troubles are worsening. Each foreclosure represents a missed opportunity for a family to stay in its home. We cannot afford to allow this to continue.
We therefore respectfully urge you to take the following actions:
These are actions that can be taken immediately by your Administration to help address the overwhelming problems facing our constituents. We understand that these are not the only actions that must be taken, and we will continue to work in Congress on behalf of struggling homeowners to encourage recovery in the housing market and to prevent similar problems in the future.
Our current economic crisis began in the housing market. Until the housing market is stabilized, our economy will not be able to fully recover. We hope you will act in the best interest of the American people who are facing extreme hardships to keep homeowners in their homes and stabilize the economy.
Joe Baca
Karen Bass
Xavier Becerra
Howard Berman
Lois Capps
Dennis Cardoza
Judy Chu
Jim Costa
Susan Davis
Anna Eshoo
Sam Farr
Bob Filner
John Garamendi
Janice Hahn
Mike Honda
Barbara Lee
Zoe Lofgren
Doris Matsui
Jerry McNerney
George Miller
Grace Napolitano
Laura Richardson
Lucille Roybal-Allard
Linda Sanchez
Loretta Sanchez
Adam Schiff
Brad Sherman
Jackie Speier
Pete Stark
Mike Thompson
Henry Waxman
Lynn Woolsey
The California Democratic Congressional Delegation consists of 34 Democratic members of the U.S. House of Representatives from California. This group outnumbers all other state House delegations - Republicans and Democrats combined.