For more information contact: Joan Nichols 651-29X-XXXX
ST. PAUL – Rep. Karen Clark, Chair of the Housing Finance and Policy and Public Health Finance Committee in the Minnesota House of Representatives, is supporting the Obama Administration’s Making Home Affordable Program that will offer immediate assistance to homeowners who are at risk of losing their homes to foreclosure.
“I’m heartened by the Obama administration’s commitment to fix the economy by fixing the housing market - the two go hand-in-hand," said State Representative Karen Clark. “Families in Minnesota and across the nation are facing unprecedented hardship and homelessness is increasing as job losses and foreclosures continue to climb. The Making Home Affordable Program is a comprehensive plan that could help millions of families avoid foreclosure over the next several years.”
The Making Home Affordable Program will bring together lenders, investors, servicers, borrowers, and the government, so that all stakeholders share in the cost of ensuring that responsible homeowners can afford their monthly mortgage payments. The overall goal is to reduce the amount that homeowners pay per month to more sustainable levels (monthly payments will be lowered to no more than 31 percent of a household’s gross monthly income). This will help to stabilize communities that have many foreclosures.
The U.S. Department of Treasury has released details on the program in a Treasury Fact Sheet: http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf
“Any and all Minnesotans who are worried about possible foreclosure should get in touch with the program,” said State Representative Karen Clark. “Affordable housing is critical to a strong economy and a healthy region. It clearly must be a priority in our economic recovery efforts if we are to return our communities to a more prosperous state. The $75 billion Home Affordable Modification program is the right investment at the right time. This is a program that could lead to millions of loan modifications that will reach at-risk borrowers in all segments of the mortgage market, reduce foreclosures, and help avoid deteriorating home values. In addition the opportunity to create more energy efficient ‘green housing’ with new federal stimulus dollars is an important alternative for these homeowners.”
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