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Dear Friends:
American families are hurting as our nation faces a growing crisis in the housing and credit markets. The economic news worsens as we hear reports about the highest foreclosure rate in years, declining housing values, lost property tax revenues and a credit crunch that is making it very difficult for middle-class families to find affordable mortgages.
Earlier this year Congress passed an economic stimulus package to help revive the lagging economy. Now, I believe it is time to pass legislation that will help stimulate the housing industry and make it possible for more Americans to realize the American Dream of homeownership. I will be introducing the First-time Homebuyer's Tax Credit Act to provide a refundable tax credit for individuals or couples who are purchasing a primary residence for the first time. The credit could be used for a down payment or closing costs and would be targeted to ensure it reaches those whom it would most help.
We also need to revise bankruptcy laws, which have made it very difficult for many families to remain in their homes. Current law allows bankruptcy judges to restructure mortgages on a vacation home, but not your primary residence to help avoid foreclosure. This makes little sense and it needs to change.
At the top of the Senate's agenda after the Easter recess will be the foreclosure crisis. I have co-sponsored the Foreclosure Prevention Act, S.2636, which would amend the bankruptcy law to allow the modification of nontraditional and subprime mortgages on primary residences. It also would expand revenue bond authority to restructure subprime and adjustable rate mortgages and increase the availability of counseling for homebuyers seeking mortgages or refinancing.
In the interim, if you are having trouble paying you mortgage or think you might soon, I urge you to get help now. Don't wait. Call the Maryland foreclosure hotline toll-free at 1-877-462-7555 or visit Maryland's HOPE Now at: www.hopenow.com.
Sincerely,
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