Tierney Continues to Press Administration to Ensure that Homeowners Receive a Fair-Shake From Mortgage Lenders and Servicers

Washington, DC – October 10, 2011 – (RealEstateRama) — Today, Congressman John Tierney (MA-06) will join a group of lawmakers in a meeting with Acting Director Edward DeMarco of the Federal Housing Finance Agency (FHFA) to discuss President Obama’s proposal to allow more American families to refinance their mortgages at historically low interest rates. The meeting is the result of increased pressure from Tierney and a group of his Democratic colleagues on the FHFA to discuss quick implementation of the proposal President Obama mentioned during his recent address to Congress.

“I share the frustration of homeowners who, as a result of the economic downturn, have struggled to make mortgage payments, experienced difficulties negotiating mortgage modifications with lenders, and, in far too many cases, have faced foreclosure. My office has heard from hundreds of area residents who have experienced these difficulties. I believe these families deserve a fair-shake, and I will continue to fight until they receive it,” said Congressman John Tierney.

According to news reports, lenders in Massachusetts and across the country are refusing to refinance mortgages for families whose property values have dropped. This trend is leaving families most in need unable to access historically low interest rates and at risk for foreclosure. In Massachusetts alone, more than 230,000 families now owe more than their houses are worth. Allowing them to refinance would be a boon for each family and our local economy.

Tierney has been an outspoken critic of many big banks for failing to adequately assist homeowners facing foreclosure and for illegally foreclosing on hardworking middle-class Americans, including active-duty service members. Earlier this year, Tierney joined a select group of his congressional colleagues at a meeting with Treasury Secretary Timothy Geithner and Secretary of Housing and Urban Development Shaun Donovan to demand answers for the Administration’s failure to assist homeowners facing foreclosure through the Making Home Affordable Modification Program (HAMP).