Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

Wall Street Reform And Consumer Protection Act Of 2009

Madam Chair, I yield myself such time as I may consume.

Madam Chair, I rise today to offer an amendment, along with Representatives KATHY CASTOR and BETTY SUTTON, that calls on the mortgage industry to help place more responsible homeowners into more affordable terms under the Making Home Affordable program.

Sadly, after more than 2 years since the beginning of the foreclosure crisis, much needs to be done to help Americans facing the threat of foreclosure. Leading economists expect another uptick in foreclosures, estimating nearly 5 million homeowners could face foreclosure over the next 2 years.

Madam Chair, my home district of Sacramento has been devastated by this crisis. I have been to foreclosure workshops over and over again. I have seen the hardships and the looks of desperation. The Making Home Affordable Housing program offers a host of financial incentives to the mortgage industry to help homeowners modify their loans to more affordable terms. It is expected to help nearly 4 million homeowners. Unfortunately, to date, the mortgage industry has yet to demonstrate its commitment to help homeowners. In fact, since the inception of the program nearly 1 year ago, the mortgage industry has placed only 31,000 homeowners into a permanent, affordable loan modification.

Madam Chair, no one here is looking for a bailout, but families need honest assistance. The amendment my colleagues and I are offering today requires mortgage industry participants in the Making Home Affordable program to report basic information on a monthly basis.

Under the amendment, mortgage industry participants would have to report the number of loan modification requests received, the number being processed, the number that have been approved, and the number that have been denied. It would also make that information available to the public through the Treasury Department's Web site.

Madam Chair, it is clear that greater transparency is needed to ensure that all parties are working toward the common goal of helping homeowners. I strongly urge my colleagues to join me in supporting this amendment.

I reserve the balance of my time.

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