On the recordMarch 10, 2011
My amendment would mandate that the Secretary of Housing and Urban Development and the Secretary of the Treasury conduct a study on the negative impacts of underwater mortgage loans, or loans where the borrower owes more than the house is worth, on the housing market and the economy of the United States and report those findings to Congress. Importantly, the report would also include recommendations to Congress on how to mitigate the effects of these underwater mortgages. I think it is extremely important for me to help everyone understand that my friends on the opposite side of the aisle are moving to eliminate all of the programs that we have worked so hard to develop; good, strong public policy to assist homeowners of America in a number of ways. They are eliminating this FHA program that will assist with refinance on homes that are underwater. They are eliminating the HAMP program that we are going to hear more about. They are eliminating the neighborhood stabilization program, commonly referred to as NSP.
