Today U.S. Rep. Gary Peters marked National Homeownership Month by discussing his bill, the Preserving American Homeownership Act, with local housing nonprofits and realtors at a press conference. Peters' bipartisan legislation would provide a new way for underwater homeowners to avoid foreclosure through principal reduction.
This press conference happened at GreenPath Debt Solutions in Farmington Hills at 10:30am this morning.
"There's no question that too many families in our community have been devastated by the foreclosure crisis, and that's why I'm working to give struggling underwater homeowners a second chance to stay in their homes," said U.S. Rep. Gary Peters. "When a family loses their home due to foreclosure, everyone loses; that's why my proposal for a common sense principal reduction option is earning support from Democrats and Republicans as well as realtors and housing experts. During this National Homeownership Month, we need to all come together to strengthen our local housing market, cut foreclosures in our community and ensure that the American Dream of homeownership is there for the next generation of Michiganders."
"I'm strongly supporting Congressman Peters' principal reduction legislation because it would help thousands of struggling homeowners stay in their homes," said Jane McNamara, President and CEO of GreenPath Debt Solutions. "We see many homeowners who are underwater, through no fault of their own, with very little options available to them; Congressman Peters' bill would help them avoid foreclosure and stabilize our communities."
"Gary Peters' principal reduction plan makes sense for families facing foreclosure and it makes sense for the housing market," said Theresa Davis, a local realtor and partner at Due Diligence, a Southfield firm that trains realtors and helps families with housing issues. "We need to work together to support common sense legislation like this to improve our housing market and end the foreclosure crisis."
"When foreclosures happen, it negatively affects the entire community," said Realtor Committee Member Philip Seaver, of the Seaver Title Agency in Farmington Hills. "Congressman Peters has put forward a plan that will strengthen our local economy and help thousands of families avoid foreclosure."
"Southeast Michigan has been hit hard by the housing crisis and every day, I see families fighting to keep their homes. However, they have no equity to secure a local community loan. What we provide is free smaller repairs for local homeowners," said Jerry McKay, President of Rebuilding Together Oakland County. "Congressman Peters' proposal to help struggling families facing foreclosure go through a principal reduction process would help thousands of families in Southeast Michigan."