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
Rep. Mike Thompson (CA-5) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that $3.9 million in Affordable Housing Program (AHP) grants have been awarded to help finance five Napa County housing projects.
NAPA, CA - U.S. Rep. Mike Thompson (CA-5) and the California Earthquake Authority (CEA) today encouraged Napa homeowners to apply for grants of up to $3,000 made available by the Napa Earthquake Brace + Bolt Program (Napa EBB) to help strengthen their homes against earthquake damage. Registration for the grants, which are funded in part by a grant from the Federal Emergency Management Agency (FEMA), is open through March 22, 2016.
Nearly a year after losing its federal grant support, Napa County’s housing advocacy group is on the verge of regaining its lifeline.
Officials with Fair Housing Napa Valley have confirmed the approval of a new three-year grant from the Department of Housing and Urban Development. HUD is allotting the Napa nonprofit $279,467 during the first year, starting on or shortly after Nov. 1, according to Pablo Zatarain, Fair Housing’s executive director.
WASHINGTON, D.C. >> Federal food assistance will be available to Valley Fire survivors. According to U.S. Rep. Mike Thompson, the Food and Nutrition Service (FNS) has approved a Disaster Supplemental Nutrition Assistance Program (D-SNAP) for survivors of the Valley Fire in Lake County.
Federal Emergency Management Agency (FEMA) Individual Assistance and Public Assistance funds will be available to Lake County residents impacted by the Valley Fire, following this week’s presidential declaration.
To qualify for FEMA Individual Assistance funds, individuals must first register with FEMA. This can be done either by phone at 800-621-3362, online at www.disasterassistance.gov or through the m.fema.gov smartphone app.
LAKE COUNTY, Calif. – U.S. Rep. Mike Thompson (CA-5) on Wednesday announced that low-interest Small Business Administration (SBA) loans are now available to help businesses and residents impacted by the Valley fire.
U.S. Rep. Mike Thompson (CA-5) today announced a $730,000 water conservation grant for Los Carneros Water District. The grant will go towards funding the water district’s Irrigation Efficiency Partnership Project. The funds are part of a $6.5 million Department of Interior grant package for more efficient management of California’s water.
Washington, D.C. – U.S. Rep. Mike Thompson (CA-5) today voted against H.Con.Res. 27, the House Republicans’ Fiscal Year (FY) 2016 budget resolution. The budget resolution passed by a vote of 228-199. No Democrats voted for the resolution and 17 Republicans voted against the resolution. The budget, if passed by the Senate would be vetoed by President Obama.
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.
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.”