BARBARA BOXER
CALIFORNIA
March 20, 2009
Mr. Eli Tene
22837 Ventura Blvd, Suite 200
Woodland Hills, CA 91364-1268
Dear Mr. Tene:
COMMITTEES,
COMMERCE, SCIENCE,AND TRANSPORTATION
ENVIRONMENT AND PUBLIC WORKS
FOREIGN RELATIONS
Thank you for contacting me regarding the current housing crisis. I appreciate hearing from you, and I am pleased to report that Congress is moving swiftly to address this critical issue.
In California alone, more than 236,000 homes were lost to foreclosure in 2008. In our state's largest cities, home values have dropped over 35 percent from their peaks, leaving many families owing more than their homes are worth.
To help protect American families from foreclosure, the Obama Administration recently unveiled its guidelines for the Making Home Affordable program, which includes the Home Affordable Refinance program and the Home Affordable Modification program.
The Home Affordable Refinance program would provide the opportunity for up to 5 million responsible homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac to take advantage of historically low interest rates to refinance their mortgages.
The Home Affordable Modification program would help another 3 to 4 million homeowners by providing incentives to lenders and loan servicers to reduce monthly payments for at-risk borrowers who commit to staying in their home. No funds would go to helping speculators or house flippers.
Additionally, the Administration would seek limited changes to personal bankruptcy provisions in order to allow judges to modify mortgages on a primary residence, just as can currently be done on loans for vacation homes, investment properties, and yachts.
These plans are an important step toward rebuilding our economy and ensuring a safe and affordable place for Americans to call home.
I want to assure you that I am committed to working with the Obama administration and my Senate colleagues to enact legislation that will strengthen these proposals while finding additional ways to slow the pace of foreclosures, get America's housing market stabilized, and get our economy back on track.
Again, thank you for writing to me. Please feel free to contact me again about any issue of importance to you.
Sincerely,
Barbara Boxer
United States Senator
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