Baca said act will help refinance mortgages.
Rep. Joe Baca addressed on Wednesday the "Helping Families Save Their Homes" bill that is set to be signed by President Obama.
Congress on Tuesday sent the president legislation that encourages banks to spare homeowners from foreclosure, after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy.The House voted 367-54 to pass the act. The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.
"Nationwide, an additional 6 million homes are expected to go into foreclosure over the next three years if we do not act now to stabilize our housing market," Baca said.
"By reducing lender fees that discourage loan modification and by offering new incentives for lenders to negotiate loans, the Helping Families Save Their Homes Act will help more families struggling in these tough times to refinance their mortgages.
"This legislation is especially relevant here in the Inland Empire, where we suffer from the fifth highest rate of foreclosure in the nation.
"A safe-harbor provision for mortgage servicers is critical to stabilizing our housing market. By protecting servicers from legal liability involved with some refinances, we are removing an impediment to the loan modification process.
"This in turn will increase the number of refinances, reduce the record number of foreclosures, and stop the nationwide drop in home values."
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