Barbara Lee, California Democratic Congressional Delegation Call on President Obama to Act on Housing | California RealEstateRama
Specifically, the letter calls on President Obama to:
· Urge the Federal Housing Finance Agency to establish a plan to refinance all mortgages owned or guaranteed by Fannie Mae and Freddie Mac.
· Push for a major principal reduction plan for underwater homeowners, such as modifications in coordination with Chapter 13 bankruptcy filings.
· Institute a “Homeowner’s Bill Of Rights” that would apply to HAMP, FHFA, HUD, VA and private servicer modification programs
No kidding. This should have been done three years ago. We bailed out the banks, the insurance companies, and General Motors and the economy still won't get moving. If the debt overload in the housing market could be reduced it might help turn things around, and it would certainly relieve some of the misery.