While the housing market is slowly recovering, countless homeowners in our region still face falling prices and a weak market. The threat of foreclosure remains very real. Many families also face the serious challenge of holding mortgages that are far more costly than the current market value of their homes. We must continue to work to restore the housing market and provide incentives for responsible homeownership. At the same time, we cannot provide bailouts or assistance to the irresponsible actors who helped to create the crisis in the first place. Credit counseling, consumer protections from predatory lenders and tax relief for those seeking to refinance their mortgages are all key to bringing an end to this crisis and building a bright future for millions of families. Congressman Dreier is committed to ensuring that borrowers are protected from predatory lending and able to access the resources they need stay in their homes. Congressman Dreier:

• Supported the Housing and Economic Recovery Act to make mortgages more affordable in high-cost areas of the country, like Southern California, while implementing reforms to help prevent another housing bubble.
• Voted for the Mortgage Reform and Anti-Predatory Lending Act, which includes language to: prevent predatory lending practices by requiring that all mortgage lenders become licensed and registered under state or federal law; and provide enhanced consumer protection by requiring banks to ensure that loans are only made to the individuals who have the ability to repay them.
• Voted for H.R. 3648, the Mortgage Forgiveness Debt Relief Act (P.L. 110-142), which contained provisions to reduce additional burdens on individuals as they sell or refinance their homes by eliminating the taxation of forgiven mortgage debt.
• Authored legislation (H.R. 101) to provide incentives for responsible home purchases made with a significant down payment.

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