“Allowing mortgage applicants to choose in which language they are most comfortable in communicating addresses a major problem of lenders and servicers working with limited English proficiency (LEP) populations and collecting this information through the URLA is the most comprehensive way to do so, because every mortgage borrower fills one out.”
AFR Joins More than 200 Other Groups in Urging FHFA Director Mel Watt to Reverse Fannie-Freddie Policy on Principal Reduction
Mel Watt is being urged again to end the policy of prohibiting mortgage modifications that reduce the balance of principal. In a joint letter delivered today, more than 200 housing, community, labor, civil rights and consumer groups call on Watt to reverse the Federal Housing Finance Agency’s longstanding ban on principal reduction – a policy put in place by his predecessor.
National Faith, Community and Labor Leaders Call on FHFA Director Watt to Take Action to Help Homeowners and Communities
“We write to you now on behalf of the millions of families who are still struggling with negative home equity, as well as those who are in danger of losing their homes through foreclosure, and the neighbors and communities hurt by foreclosures around them. The need to swiftly reverse the government sponsored enterprise (GSE) policy on principal reduction remains a major priority for many organizations and community members.”
“Mel Watt’s confirmation as director of the Federal Housing Finance Agency is heartening news for American families and communities… Under his leadership, the FHFA can be a help rather than a hindrance in efforts to deal with the foreclosure crisis, assist homeowners, and ensure broad access to sustainable and affordable credit.”
“It is past time for new leadership at FHFA, and we urge swift action to bring about that change.”
Americans for Financial Reform applauds today’s letter from 45 House members calling on the White House to nominate a permanent director of the Federal Housing Finance Agency.
AFR wrote to the Federal Housing Finance Administration asking them not to interfere in state and local use of eminent domain to aid homeowners in restructuring underwater mortgages
Read our letter to FHFA Acting Director DeMarco addressing servicing models of GSEs here.