“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.”
On Oct. 31, the Senate voted to filibuster the nomination of Representative Mel Watt as Director of the Federal Housing Finance Agency. This was an appalling vote on several levels. In the first place, the 46 Senators who said No to cloture were using
On Wednesday, March 27th, a coalition made up of 109 civic groups sent a letter to Mortgage Settlement Monitor Joe Smith and the Executive Monitoring Committee highlighting concerns with the slow pace of change on the ground for hardest-hit communities and the need for greater oversight.
AFR joined more than 100 public interest groups in sending a letter to the mortgage settlement monitor stressing the need for greater transparency to ensure the effectiveness of this settlement agreement for communities of color and other hardest-hit communities
FHFA’s proposal to charge more in states with consumer protections has elicited letters of strong opposition from housing and consumer advocates, members of Congress, legal and policy experts, Attorneys General, state legislators, and others.
“Consumer groups are urging the monitor of the national mortgage settlement to add data on race, ethnicity and geography to determine whether the five largest servicers are offering relief to communities hit hardest by foreclosures,” The American Banker reports. In an Oct. 31 article, The
AFR’s foreclosure working group has appealed to the monitor of the national mortgage settlement to include race, ethnicity, and geography in a public process of evaluation. In a letter to Joseph Smith of the North Carolina-based Office of Mortgage Settlement Oversight, the working group pointed