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Congressman Mike Thompson

Representing the 5th District of CALIFORNIA

Housing

Home prices are gradually increasing and foreclosures are declining, but our slow-moving housing recovery still leaves many Californians with significant financial struggles. Many families are either barely able to make mortgage payments or stuck in a home that is still worth less than the amount owed. In our district, 20 percent of the 50,000 homes backed by Fannie Mae are “under water” and in jeopardy of foreclosure.

Our economy will continue to struggle and consumer confidence will never return unless we fix our housing situation.

To improve our housing market we need to:
•    Allow all homeowners to refinance their mortgages at today’s historically low rates. This would put an average of $3,000 per year back into the pockets of middle class families.
•    Put a principal reduction plan in place for underwater homeowners that would allow their mortgages to more accurately reflect the market value of their house. The Federal Housing Finance Agency’s (FHFA) own analysis and the nonpartisan Congressional Budget Office (CBO) both conclude that implementing principal reduction programs for underwater mortgages backed by Fannie Mae and Freddie Mac could save U.S. taxpayers billions of dollars by avoiding unnecessary defaults, helping homeowners avoid foreclosures and remain in their homes, and stimulating additional growth across the economy.
•    Begin the process of reforming Fannie Mae and Freddie Mac so that they can begin to function as a backstop for catastrophic failure rather than as a first line guarantor for mortgages.

These policies will help keep people in their homes and keep neighborhood values up. That’s good for families, our communities, our district and our economy.

If you are facing problems with your mortgage, we might be able to help. You can contact my district offices here.

More on Housing

Oct 1, 2014 News Articles

The expert hired to help Vallejo residents become self-sufficient will stay another year, as a new federal grant replaces an old one.

U.S. Rep Mike Thompson, D-St. Helena, on Tuesday, announced $68,107 in U.S. Department of Housing and Urban Development (HUD) grants for the Vallejo Housing Authority. The funds come from HUD's Family Self-Sufficiency Program, and can only be used for that purpose, Vallejo Housing Authority Director Anne Putney said.

Oct 1, 2014 News Articles

U.S. Rep. Mike Thompson (CA-5) announced $63,232 in U.S. Department of Housing and Urban Development grants for the Lake County Housing Commission.

The funds come from HUD’s Family Self-Sufficiency Program.

“These grants provide people with the skills and education they need to move up in the workforce,” said Thompson. “Everyone who works hard, and plays by the rules should have the opportunity get a job and save for a home of their own. HUD’s Family Self-Sufficiency Program helps families do just that, and I am a proud supporter of these important funds.”

Sep 30, 2014 Press Release

WASHINGTON D.C. – U.S. Rep. Mike Thompson (CA-5) today announced $63,232 in U.S. Department of Housing and Urban Development (HUD) grants for the Lake County Housing Commission. The funds come from HUD’s Family Self-Sufficiency Program.

Sep 30, 2014 Press Release

WASHINGTON D.C. – U.S. Rep. Mike Thompson (CA-5) today announced $136,849 in U.S. Department of Housing and Urban Development (HUD) grants for the Housing Authority of the County of Contra Costa. The funds come from HUD’s Family Self-Sufficiency Program.

Sep 30, 2014 Press Release

WASHINGTON D.C. – U.S. Rep. Mike Thompson (CA-5) today announced $68,107 in U.S. Department of Housing and Urban Development (HUD) grants for the Housing Authority of the City of Vallejo. The funds come from HUD’s Family Self-Sufficiency Program.

Sep 30, 2014 Press Release

WASHINGTON D.C. – U.S. Rep. Mike Thompson (CA-5) today announced $136,849 in U.S. Department of Housing and Urban Development (HUD) grants for the Napa Housing Authority. The funds come from HUD’s Family Self-Sufficiency Program.

Oct 3, 2013 News Articles
On Oct. 1, the U.S. government shut down for the first time in 17 years after the House and Senate were divided on a spending bill and missed the deadline to continue funding federal government by midnight Tuesday morning.

The effect of the government shutdown has been felt across the country, including Martinez. While federal courts can run for approximately two weeks on reserve funds before possibly having to succumb to closures, courthouses in Martinez are safe because they are under the California Superior Court System.