We urge you to take effective measures to help people suffering foreclosure:
o Directing the Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, to establish a plan to refinance all mortgages they own or guarantee;
o Establishing a principal reduction plan that would allow a restructuring in Chapter 13 bankruptcy for underwater mortgages; and
o Instituting a "Homeowner's Bill Of Rights" to stem some of the most flagrant servicer abuses once and for all.
Why is this important?
So far, what the administration has done to help people in foreclosure have helped too few. Let's push it to do more!
Rep. Anna Eshoo (Demo. from CA) has three proposals. The administration will only act if it sees the rest of us are behind them.
