(Warwick, R.I.) - Congressman Jim Langevin (D-RI) today will vote for H.R.1106, Helping Families Save Their Homes Act. This bill takes a key step towards the implementation of President Obama’s comprehensive Homeowner Affordability and Stability Plan, which provides the resources that homeowners and lenders will need to guide them through this crisis.  
“I will vote for this bill to bring immediate relief to Rhode Islanders who are on the verge of losing their homes,” said Langevin. “In order for the economy to begin to recover, it is evident that action must be taken to prevent foreclosures, help more families preserve homeownership and stabilize home prices.

This legislation will:
• Give bankruptcy judges the authority to modify existing mortgages for families who file for Chapter 13 so they can make their payments and stay in their homes
• Give borrowers and lenders more confidence to modify loans by reducing fees and offering new incentives
•  Protect lenders from lawsuits for reasonable loan modifications
• Spur mortgage refinancing by improving the Federal Housing Administration’s Hope for Homeowners program
For more information on the Homeowner Affordability and Stability Plan, please visit www.financialstability.gov

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