MIAMI LOAN ANALYSIS

In a September 30, 2009 Press Release, U.S. Senator Jack Reed today introduced legislation that will help keep families in their homes and prevent communities from deteriorating as a result of skyrocketing mortgage defaults. Reed’s Preserving Homes and Communities Act of 2009, cosponsored by Senators Dick Durbin (D-IL), Sheldon Whitehouse (D-RI), and Jeff Merkley (D-OR), will help address the housing crisis by requiring that qualified homeowners are evaluated for and offered loan modifications; establishing a new mortgage payment assistance program; and incentivizing states and local governments to create strong mediation programs, which allow homeowners and servicers to meet face to face to try to find an alternative to foreclosure.

“In the last year, the federal government has taken decisive action and devoted substantial financial resources to shoring up financial markets, averting a potential national and global financial meltdown.  Despite federal efforts, the number of foreclosures continues to rise at an alarming rate on pace to surpass last year’s foreclosures by a third.  The Preserving Homes and Communities Act will ensure that we are taking similarly aggressive actions to address the housing crisis, which has devastated families, crippled local communities, and dragged down the broader economy,” said Reed.  “More and more households are finding that even with a fixed-rate mortgage that they could afford before the recession, they are just one pink slip away from losing their biggest investment.  My bill provides targeted relief to qualified homeowners so that more families can keep their homes, protects communities from suffering even greater financial losses, and sets us on the path to stabilizing the housing sector as a foundation for lasting economic recovery.”

Read more on the Senator’s Website