|San Mateo Daily Journal - Lawmakers: Housing crisis needs action|
|Thursday, 26 January 2012 09:49|
Bill Silverfarb, staff writer for the San Mateo Daily Journal, recently wrote about Rep. Eshoo and the California Democratic Congressional Delegation's efforts to push the administration to address the housing and foreclosure crisis in our country and state. An excerpt of the article is below:
Lawmakers from California urged President Barack Obama yesterday to sit down with them and listen to their ideas on how to solve the country's foreclosure crisis following his State of the Union address Tuesday night when he touched on the issue.
The California Democratic Congressional Delegation held a press conference in Washington, D.C. yesterday morning to goad the president to appoint a new director of the Federal Housing Finance Agency and to consider recommendations the delegation has made previously to offer underwater homeowners some financial relief including a principal paydown plan to reduce negative home equity.
"It is time to name a new (FHFA) director," U.S. Rep. Anna Eshoo, D-Palo Alto said yesterday. "It is time for the Obama administration to take the foreclosure crisis seriously."
In Tuesday night's State of the Union address, Obama said his administration would create a mortgage crisis unit to move aggressively to investigate the causes of the subprime mortgage market catastrophe.
Yesterday, the co-chair of the new state and federal unit, New York Attorney General Eric Schneiderman, told reporters the unit would tackle "every aspect of the conduct that created the bubble and crash," including the sources of the mortgages and the packaging of them into securities. Schneiderman made the comment after an event at the Consumer Financial Protection Bureau in Washington, D.C. yesterday.
Members of the California delegation have grown increasingly weary with the Obama administration after spending more than a year speaking with his staff and other housing officials about the crisis.
Obama also announced efforts to provide 12 months of mortgage forbearance to unemployed borrowers through the Federal Housing Administration and Home Affordable Modification Program, according to the Obama administration.
That is not enough, members of the delegation said.
To read the full article, please click here.
|Thomas Bill Search|