Titus bill targets foreclosure woes
WASHINGTON — Rep. Dina Titus’ first bill in Congress seeks to get out information on how homeowners may qualify for help to reduce their monthly payments and avoid foreclosure.
The bill introduced Wednesday would require that loan companies offering federal mortgage aid send notices each quarter to all their customers. The mailings would notify homeowners of programs that could help with refinancing, loan modifications and other forms of relief.
According to a Titus spokesman, it was not clear how broad an impact the bill would have, as banks and mortgage companies are just now applying to take part in a new Making Home Affordable program that will pay them incentives to write down loans for troubled homeowners.
Like many lawmakers from districts that have been hit by mortgage distress, Titus, D-Nev., has reported receiving a flood of call from constituents wondering whether they might qualify for assistance.
The bill’s intent, she said, is to provide homeowners with accurate information, heading off scam artists who prey on people in trouble with banks.
“With the abundance of federal programs currently available to homeowners, it is important that we ensure our constituents have clear information about these federal programs and how they can begin the process of receiving assistance,” she said in a statement also signed by cosponsor Rep. Dennis Cardoza, D-Calif.
The bill reflects the effects of the housing crisis in Titus’ suburban Las Vegas district.
The bill is similar to an amendment Titus tried to attach to a housing bill in March. She withdrew the amendment after Rep. Barney Frank, D-Mass., asked her to pull it back and rewrite it.
Contact Stephens Washington Bureau Chief Steve Tetreault at stetreault@stephensmedia.com or 202-783-1760.