Housing

Congressman Tierney shares the frustration of so many homeowners who, as a result of the economic downturn, have struggled to make mortgage payments, experienced difficulties negotiating mortgage modifications with lenders, and, in far too many cases, have faced foreclosure.

John believes homeowners deserve a fair-shake from their mortgage lenders and servicers, many of whom are the very same large banks and investment houses whose reckless speculation caused the financial crisis in the first place. These families have turned to the federal government for assistance, only to find that the program Treasury put in place to help them has created widespread confusion and triggered predatory lending offers. It also has allowed lenders and servicers to time and again put their profits ahead of their binding commitments to homeowners – and to do so with impunity. Congressman Tierney believes this must change, and he will continue working to that end.

Flood Insurance

Local residents and small businesses across our district have been experiencing confusing and negative consequences of flood insurance rates and maps.  Changes in the National Flood Insurance Program (NFIP) made in 2012 were contained in a much-needed reauthorization that extended the life of the program for another ten years.  There were also concerns with the viability of the program in part due to its $24 billion deficit (largely incurred in addressing the damage done by large-scale weather disasters such as Hurricanes Katrina and Sandy). Changes to address this deficit will require that many of those in flood zones will see an increase in their flood insurance premiums. 

While everyone understands that changes are needed in order to more accurately assign risks to homeowners and maintain emergency fund viability, Congressman Tierney believes that making changes without regard for the impact on communities and individual homeowners is unacceptable.

Congressman Tierney has been working with his colleagues – both Republicans and Democrats – to rectify the situation. In fact, Congressman Tierney championed a bill, which recently became law, and which represents an important first step to putting the flood insurance system back on track without punishing homeowners.

Congressman Tierney is also working with his Massachusetts colleagues on improving the accuracy of flood maps in the area. The entire Massachusetts congressional delegation sent a letter to FEMA that uses Rockport’s successful map appeal as evidence that the methodology FEMA used to map the region is inaccurate.  The models FEMA originally used were based on the West Coast and were overly conservative in Massachusetts given that the majority of flood damage we get comes from Nor’Easters. 

Congressman Tierney will continue to take every step possible to alleviate the pain felt by property owners and hope that others will join this important, bipartisan cause.  He strongly believes every impacted homeowner and stakeholder deserves attention and assistance.