Velazquez on Administration’s Homeowner Affordability and Stability Plan

WASHINGTON, DC - Rep. Nydia M. Velázquez (D-NY) released the following statement today in response to the Administration’s “Homeowner Affordability and Stability Plan”:

“President Obama’s plan to address the foreclosure crisis includes important measures that will help keep borrowers in their homes and provide much needed stability to housing prices across the country.

“When homes are foreclosed upon, not only do hard-working families suffer, but property values in the area decline, neighborhood businesses are hurt, and jobs are lost. If we are to address the broader economic crisis facing the nation, we will need to tackle the housing crisis, which sparked the current economic downturn.

“Taking on the housing crisis requires a multifaceted approach and I am pleased to see that one of the President’s proposals will allow judges to modify mortgages for homeowners facing bankruptcy. If done correctly, such a policy can help stem the rising tide of foreclosures and mitigate the resulting drop in property values.

“I look forward to more carefully reviewing the details of this proposal and working toward implementation of a broad-based plan that will address the foreclosure crisis.”

Velázquez serves as the Chairwoman of the House Small Business Committee and is the senior New York Representative on the House Financial Services Committee’s Subcommittee on Housing and Community Opportunity.