Representatives Mike Thompson (CA-1), Zoe Lofgren (CA-16) and Anna Eshoo (CA-14) led a group of 27 California Members of Congress in calling on President Obama to take immediate action to address the nation's foreclosure crisis. The Members have requested a meeting with the President to discuss policies that would reduce foreclosures and provide relief to homeowners.
"Our economy will continue to suffer and consumer confidence will never return if we do not help hard working families navigate through this housing nightmare," said Thompson. "Nothing the Administration has tried is working and Californians are the ones suffering, living paycheck to paycheck and struggling to keep roofs over their heads. That is why we are calling on the President to meet with us so we can work together and fix this housing mess."
"For over a year-and-a-half, we've corresponded with the President and met with Secretaries Donovan and Geithner and FHFA Acting Director DeMarco, urging swift and immediate action to help our constituents. There still seems to be no bold or effective action taken by the Administration. We have asked to meet with the President as soon as possible to discuss ways to advance meaningful relief and effective solutions for the housing market," said Lofgren.
"The California Democratic Congressional Delegation has spent the last year meeting with one Administration official after another to present our legislative ideas, and the actions the Executive Branch can take to mitigate the foreclosure crisis", said Eshoo. "The time has come for the delegation to speak directly to the President on behalf of our constituents whose lives have been upended, and present to him our bold and workable proposals to address this crisis."
In California, more than 34% of homeowners with mortgages are considered "underwater" because they owe more on their homes than their homes are worth.
In a letter to President Obama, Thompson, Lofgren, Eshoo and other California Members of Congress wrote, "We have also offered several specific recommendations to reduce preventable foreclosures and provide relief to aggrieved homeowners, including a principal paydown plan to reduce negative home equity which is necessary as the remedy for the housing woes in America. Despite our efforts, we have concluded that efforts by both the government and the private sector have not addressed our nation's foreclosure crisis with sufficient urgency. We therefore request a meeting with you at the earliest opportunity to discuss additional actions your Administration can take to tackle the foreclosure crisis that is hurting so many of our constituents and slowing our economic recovery."