Housing

August 12, 2008 -- West Virginia Attorney General Darrell McGraw filed suit today against Countrywide Financial Corporation, Countrywide Home Loans, Inc., Countrywide Home Loans Servicing, LP, Full Spectrum Lending, Inc. and Angelo R. Mozilo, individually and as CEO of Countrywide Financial Corporation.

Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to make loans and service loans.

For example, Countrywide induced consumers to take out adjustable rate mortgages that offered a teaser rate for the first 2-5 years, but then reset at a much higher, unaffordable rate.    » read more »

Protection Center to Help Kentuckians in Danger of Losing Their Homes

August 11, 2008 -- OWENSBORO, Ky. – Kentucky Governor Steve Beshear today announced at a press conference in Owensboro the creation of the Kentucky Homeownership Protection Center to address the foreclosure crisis in the commonwealth. The Protection Center, created by the passage of HB 552 during the 2008 General Assembly, will help Kentuckians in financial trouble become more proactive in keeping their homes.    » read more »

Attorney General Urges Stronger Consumer Protections Amid Housing Crisis

August 5 , 2008 -- Chicago -- Illinois Attorney General Lisa Madigan weighed in Monday on a federal proposal that aims to reform some of the most abusive practices of the credit card industry. In commenting on the proposed federal rule issued by the Federal Reserve Board and two other federal banking agencies, Madigan expressed general support for the proposed reforms but urged the federal regulators to go further to protect consumers in light of the ongoing home foreclosure crisis and economic downturn.

“It is more important than ever that consumers be treated fairly and understand their credit card terms so that they can manage their finances accordingly,” Madigan said.    » read more »

Actor Dennis Haysbert brings fair lending message to movie goers in 28 cities

WASHINGTON, July 18, 2008 – The U.S. Department of Housing and Urban Development announced today that a public service announcement (PSA) designed to educate consumers about their fair lending rights is now running on 595 screens in 32 movie theatres in 28 cities, including 10 cities with some of nation’s highest foreclosure rates. HUD’s PSA featuring Dennis Haysbert, will run through July 25. It will be in 32 selected theatres.    » read more »

MADISON, Wis., June 24, 2008 -- Understanding FEMA's assistance and being prepared for the on-site property inspection can cut the time it takes to get disaster aid, state and local officials said today. Assistance with housing needs and necessary expenses may be available to Wisconsin residents affected by the recent severe storms, tornadoes and flooding.

Wisconsin Emergency Management (WEM) and the Federal Emergency Management Agency (FEMA) officials say that the first step is to register with FEMA. If you live in one of the 22 counties in which President Bush has authorized aid to individuals, you should call, toll-free, 1-800-621-FEMA (3362) or, for those with speech or hearing impairments, (TTY) 1-800-462-7585. You can also register via FEMA's Web site, www.fema.gov.    » read more »

June 12, 2008 -- Washington, DC – U.S. Senator Barbara Boxer (D-CA) today sent a letter to Federal Housing Administration (FHA) Commissioner Brian Montgomery, urging him to reconsider his recommendation that Congress reduce FHA loan limits from $729,750 to $550,000.

Boxer pointed out that the lower loan limits would reduce access to affordable loans to residents of 99 high cost counties across 18 states and the District of Columbia, including 23 counties in California alone.

The text of the letter follows:

June 12, 2008
The Honorable Brian Montgomery
Commissioner
Federal Housing Administration

Department of Housing and Urban Development
451 7th Street, S.W.
Washington, DC 20410

Dear Commissioner Montgomery:    » read more »

June 3, 2008 -- Connecticut Governor M. Jodi Rell today announced that the state is providing $6.2 million in financial assistance for five affordable housing projects across Connecticut.

“Increasing affordable housing options is always a priority, and that is especially true as we work to keep and grow jobs during a national economic slowdown,” Governor Rell said. “Making housing affordable revitalizes our downtowns and transforms neighborhoods into tightly knit communities. It also helps our elderly residents remain independent while giving other residents a helping hand in starting or maintaining their working and family lives.    » read more »

Investment plan will foster affordable housing development, spark economic growth

BOSTON -- May 29, 2008— Highlighting the positive impact access to affordable housing for all citizens has on the quality of life and well-being in communities across Massachusetts and on the strength of the economy, Massachusetts Governor Deval Patrick today signed into law a $1.275 billion bond authorization – the state’s largest investment ever in housing and community development projects throughout the Commonwealth.

Massachusetts Governor Patrick announces housing bill: Photo courtesy Massachusetts Governor's office    » read more »

Governor Also Vetoes Tip Credit Bill That Accompanied Increase

May 27, 2008 -- Connecticut Governor M. Jodi Rell today vetoed a bill that would have raised the state’s minimum wage from $7.65 to $8 beginning Jan. 1, 2009, and to $8.25 beginning Jan. 1, 2010.

Bridgeport, Connecticut: Photo by Noah G-L (CC)

In addition to vetoing House Bill 5105, An Act Concerning the Minimum Wage, the Governor also vetoed Senate Bill 55, An Act Concerning the Tip Credit, which is rendered unnecessary by the veto of House Bill 5105.    » read more »

North Las Vegas, NV -- May 27, 2008 -- I just had the privilege of visiting with Felicitas Rosel and Francisco Cano at their home here in Las Vegas.

Today, John McCain is having a different kind of meeting. He's holding a fundraiser with George Bush behind closed doors in Arizona. No cameras. No reporters. And we all know why.

Barack Obama visits with homeowners: Photo by Barack Obama campaign

Senator McCain doesn't want to be seen, hat-in-hand, with the President whose failed policies he promises to continue for another four years.

But the question for the American people is: do we want to continue George Bush's policies?    » read more »

5/27/2008 -- "Today, the respected Case-Shiller index reported that housing prices declined by a record 14.1% in the first quarter of 2008. This is further evidence of the deepening crisis in our housing market, which is forcing millions of families out of their homes and eroding the value of most families' single largest asset.

Hillary Clinton with supporters: Photo by Librandi & Congdon (CC)    » read more »

May 23, 2008 -- COLUMBUS – The Ohio Attorney General’s Office, which has been prosecuting a securities class action case against American International Group, Inc. (AIG) and 22 other defendants for more than three years, announced its intention to add claims relating to AIG’s recent multi-billion dollar write-downs stemming from its exposure to problems in the residential housing market.    » read more »

May 20, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement after the Senate Banking Committee passed The Federal Housing Finance Regulatory Reform Act of 2008:

"Today, the Senate Banking Committee took an important step towards stemming the tide of foreclosures that are devastating struggling homeowners, driving down property values in our communities, and contributing to our economic downturn. The Committee adopted new reforms of Fannie Mae and Freddie Mac, and created a permanent trust fund to help provide affordable housing for the low-income families who need it most.    » read more »

Affordable housing important to attracting workers to Kansas

May 13, 2008 -- Kansas Governor Kathleen Sebelius has signed a bill to help more rural communities meet their housing needs.

“Right now there are more than 35,000 open jobs in Kansas,” Sebelius said. “In order to attract workers to fill these jobs, we need to make sure there is affordable housing for them and their families. It is common sense solutions like this that have kept the Kansas economy strong despite troubling national trends.”

HB 2123 raises the population limits with the Kansas Rural Housing Incentive District Act. This Act encourages housing development in rural cities and counties, where housing shortages exist, by providing grants and loans for public improvements.    » read more »

May 09, 2008 -- "Working people applaud the bipartisan effort by the U.S. House of Representatives to help struggling homeowners retain their piece of the American dream. This bill is an important step toward keeping millions of struggling families from losing everything they have worked for all their lives.

President Bush’s threat to veto this legislation is both inhumane and dangerously short-sighted. The funds in this legislation are an investment in healthy communities, vibrant neighborhoods and a stable economy.    » read more »