Tuesday, May 13, 2014

Conyers Proposes New Federal Foreclosure Assistance for Detroit

In Letter to Federal Housing Director Mel Watt, Rep. Conyers Applauds Newly-Announced Neighborhood Stabilization Initiative, Proposes 6-Month Foreclosure Moratorium on Federally Guaranteed Mortgages

U.S. Representative
John Conyers, Jr.
(DETROIT) – Today, Congressman John Conyers, Jr. (D-Mich.) sent a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt requesting immediate action to assist distressed homeowners in Detroit as the City works its way through Chapter 9 bankruptcy proceedings. Specifically, the letter calls for the FHFA – which regulates the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), Government Sponsored Enterprises (GSEs) which provide housing financing options to millions of Americans – to, “impose a 6-month moratorium on foreclosures of GSE-guaranteed mortgages for struggling borrowers who were current on their payments before the start of Chapter 9 proceedings in 2013.” In addition, Rep. Conyers called on the GSE’s to provide local borrowers with alternatives to foreclosures, such as efforts to make mortgages more affordable, to avert future evictions and foreclosures.

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