OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Issue Position: Assisting Struggling Homeowners and Neighborhoods

Issue Position

Date: Jan. 1, 2012
Issues: Unemployed and Low-Income Housing and Property

The recession's most devastating impact was in the housing sector. I wanted to make sure that Americans who had lost their job would not be doubly hurt by losing their home to foreclosure as well. I secured $1 billion -- with an additional $1 billion commitment from the Treasury Department -- to help unemployed homeowners receive low-interest loans to pay their mortgages.

Neighborhoods ravaged by foreclosures are often affected by blight and a lack of upkeep, and these factors decrease property values throughout the area. Over two years ago I authored the Neighborhood Stabilization Program -- despite opposition from the Bush Administration -- to address these issues. NSP helps communities and organizations rehabilitate homes and resell them to low- and middle-income buyers. Under the financial reform bill, I secured an additional $1 billion for NSP.

Because of an amendment I authored, attorneys offering financial services or product support will be subject to regulation by the new Consumer Financial Protection Bureau.


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