Foreclosure Prevention

The 2008 housing collapse has had a devastating impact on the 9th Congressional District.  The average home in the Chicago area lost more than 25 percent of its pre-crash value.  While home values and the housing market are slowly improving, we can and must act to better protect homeowners from foreclosure and unsustainable mortgages and to prosecute crimes in the lending industry where they exist. 

I have participated in several workshops and direct discussions with lenders to enable Illinois residents to refinance their mortgages.  Those events allow homeowners to meet with housing counselors, lenders, HUD and Treasury officials, and others to make mortgages more affordable.  If you are struggling with an unaffordable mortgage, please call my office to see if we can help you negotiate a more reasonable loan.

Not enough has been done to protect homeowners and preserve home values.  Principal reduction – or the policy of reducing the amount owed for underwater homeowners – would likely benefit homeowners more than any other action.   The Federal Housing Finance Agency – the federal conservator of Fannie Mae and Freddie Mac – has the ability to offer principal reduction to up to 35 million homeowners.  And because the Treasury Department tripled the financial incentives for principal reduction, FHFA has more reason now than ever before to take immediate action.   I have signed several letters, participated in public rallies, and spoken with FHFA Director Ed DeMarco directly, urging the agency to act immediately to reduce principal for struggling homeowners, and I will continue to do so.

I will continue to advocate for assistance for current homeowners who are struggling to make ends meet, but I am also focused on holding bad lenders accountable for their actions that led to the housing crisis.   President Obama announced a task force to investigate the mortgage banking sector to determine whether crimes were committed in the run-up to and during the housing collapse.  Co-chaired by New York Attorney General Eric Schneiderman – a strong advocate for the victims of the housing crisis – the task force will coordinate the efforts of state attorneys general, the Justice Department, and the Department of Housing and Urban Development to ensure that no stone is left unturned as justice is sought for American homeowners.  I am following the actions of the task force closely, seeking information and asking questions as the process moves forward.

Resources

The Obama Administration Announces Housing Relief for Servicemembers and Veterans

Department of Housing & Transportation

National Low Income Housing Coalition

<< Return to Housing

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    repName Jan Schakowsky  
    helpWithFedAgencyAddress Chicago Office
    5533 N. Broadway
    Chicago, IL 60640
     
    district 9th District of Illinois  
    academyUSCitizenDate July 1, 2017  
    academyAgeDate July 1, 2017  
    academyApplicationDueDate October 20, 2017  
    repStateABBR IL  
    repDistrict 9  
    repState Illinois  
    repDistrictText 9th  
    repPhoto    
    SponsoredBills Sponsored Bills  
    CoSponsoredBills Co-Sponsored Bills  
         
         
         
         
         
  • Office Locations

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