If we are going to strengthen and sustain our economic recovery, we need to focus on strengthening our communities. That means building and maintaining affordable homeownership opportunities in Delaware and across the country. It also means preventing foreclosures, improving energy efficiency programs, and responsibly winding down the federal government’s intervention in the mortgage giants Fannie Mae and Freddie Mac.
Our housing economy is still recovering from the steep economic downturn and the ensuing collapse of our financial sector. The challenge for Congress and the Obama Administration remains keeping our housing market on the long-term path toward a sustainable recovery. In some parts of the country, recovery is beginning to take hold with growth in home construction, and home prices that are beginning to stabilize and even increase.
Thanks in part to the Federal Reserve driving down 30-year fixed mortgage interest rates, today is actually one of the best times in my lifetime to buy or refinance a home. If you are thinking about owning a home for the first time, Delaware’s Housing and Urban Development (HUD) has helpful information. You can learn more by clicking here.
Unfortunately, millions of hard-working people across America, including far too many families in the First State, were put in harm’s way by the irresponsible actions of a few bad actors. That’s why I voted to create the Consumer Financial Protection Bureau (CFPB) to protect homeowners and other consumers from predatory practices in the lending industry.
Even with these new consumer protections, foreclosure is still a dangerous prospect for millions of families, and the Obama Administration must commit every resource at its disposal to stem the tide of foreclosures nationwide. Specifically, the Making Home Affordable Program, which helps homeowners avoid foreclosure by modifying at-risk loans or refinancing into lower interest rates, must improve the number of permanent loan modifications. The results of the program thus far are encouraging, but it's just not enough.
If you or anyone you know is facing foreclosure, you can call 888-995-HOPE (4673) to speak with a HUD-approved mortgage counselor. Moreover, please do not hesitate to contact one of my offices for assistance at any time.
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