When a family loses its home to foreclosure, it loses more than just bricks and mortar. In addition to the homeowner’s personal pain, foreclosure affects the value of the neighborhood and the safety of the community.
I have been an advocate for a meaningful bill to keep families in their homes, not just to bail out irresponsible lenders. I firmly believe there is a way to prevent foreclosures and help struggling homeowners that doesn’t involve putting taxpayer on the hook.
I introduced legislation to curb foreclosures and, last December, I reached across the aisle to forge a bipartisan compromise with Judiciary Committee Chairman John Conyers. Our agreement, approved by the Judiciary Committee, would help homeowners who file for bankruptcy as a result of a predatory or non-traditional loan. The bill would give bankruptcy judges the discretion to modify the value of a mortgage to the true market price and to adjust the interest rate – all at no cost to the taxpayer.
