Rep. Gary Peters Says Bipartisan Legislation Could Help More Homeowners Avoid Foreclosure
The 9th District Congressman was in Farmington Hills today to push the Preserving American Homeownership Act, which would reward those who make regular mortgage payments with principal reduction.
If you're making mortgage payments on a home that's "under water," help may be on the way. Congressman Gary Peters (D-9th District) today visited GreenPath Debt Solutions, a Farmington Hills nonprofit, to promote the Preserving American Homeownership Act. The bill, which Peters said has bipartisan support, would help homeowners by reducing the principal on their loans when they make regular payments. "We have people who are struggling to make their payments and are very fearful that they will be losing their home and going into foreclosure," he said. "We know that foreclosure doesn't just impact that family, it impacts that neighborhood." The proposed legislation would allow lenders and loan servicers to reduce the principal on a loan for …
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dave
12:59 am on Wednesday, July 4, 2012
Herb, your statements about banks clamoring for loans at 12% is true but there is another angle to their motive. These banks were making more on the derivitive end of the mortgage bundling in synthetic default cdo etc... investments and needed more paper to issue these things through their investment sides where they were making huge returns on them until the first signs of true recession hit and… more ›