• March 5, 2009

    McIntyre Supports Fair Plan to Help Keep North Carolinians in their Homes:
    The Helping Families Save Their Homes Act could keep hundreds of thousands of families from losing their home without spending one federal dollar

    Washington, D.C. - Congressman Mike McIntyre voted in favor of legislation today that brings fairness and hope to families and their homes without spending any federal money. 

    Congressman McIntyre stated, “Home prices dropped 18 percent in the last quarter of 2008.  This legislation is about fairness.  It is about giving families who own one home the same rights to keep their home as those who own two or three homes. Without spending one federal dollar, this legislation could keep hundreds of thousands of families across the country from losing their home and from de-valuing the other homes in their neighborhood.”

    McIntyre continued “Stabilizing the housing market is central to restoring the American economy.  We all stand to lose if we do not stop the steep decline in home prices. In fact, each foreclosed home reduces nearby property values by as much as 9 percent.  This legislation that offers a fair approach to our housing crisis to help keep 7 to 9 million American families from losing their homes, their neighbors from losing value in their homes, and our communities from losing even more in real estate values”

    The Helping Families Save Their Homes Act gives bankruptcy judges the ability to modify existing mortgages for families who file for Chapter 13 bankruptcy as an incentive to spur lenders into voluntarily modifying loans.  It gives lenders the confidence to modify loans by protecting them from some lawsuits.  And it spurs mortgage refinancing by fixing the Federal Housing Administration’s Hope for Homeowners Program, reducing fees and offering new incentives for lenders.