I'm always working for you and our community. Senator McCain and Senator Kyle are working for us. I have great hopes that our housing market is in the process of turning around. My believe is that we are at the bottom but it will take some more additional time to sell off the rather large amount of inventory.
The rules of economics seem to be at work in our beautiful Valley of the Sun. I have lived in the Phoenix (now Metro-Pl ex ) since 1961 and yes things have changed. But the rules of our economy have remained the same. SUPPLY and DEMAND.
October 18, 2009
Mr. Roland Rogge
Litchfield Park, AZ 85340-8302
Dear Mr. Rogge:
Thank you for contacting me about the real estate market. I appreciate knowing your views on this important issue.
There is a justifiable feeling of concern across America today regarding the ongoing situation with the housing market. Millions of Americans are desperate for assistance as they bear the heavy burden of trying to keep their family homes. The pain of the foreclosure crisis is felt by those who have lost their homes and by their neighbors as well.
In an effort to address this problem and the nation's larger financial problems, the Senate passed several bills aimed at providing relief and jumpstarting the economy. Specifically, the Housing and Economic Recovery Act of 2008, which specifically targets the real estate crisis, became law on July 30, 2008. While not a perfect bill, it does include a number of provisions that can help our housing market, for both mortgage borrowers and lenders, now and in the future.
On March 4, 2009, the President announced the "Making Home Affordable" program which is designed to help 9 million borrowers by refinancing their mortgages. Specifically, this program offers qualified participants the option to refinance or modify their current loan if their mortgage was being held by Fannie Mae or Freddie Mac. For more information, including further qualifications, as well as a self assessment tool to view your mortgage refinance eligibility under the "Making Home Affordable" program, you can visit the following government website: http://makinghomeaffordable.gov/
Additionally, on May 6, 2009, the President signed P.L. 111-22, the Helping Families Save Their Homes Act of 2009. This law expands the eligibility for the Hope for Homeowners program and offers $300 billion in aid to homeowners, enabling more people to qualify for financial relief. It also modifies the federal Homelessness and Rapid Re-Housing Program to allow occupants leasing foreclosed property to remain on the premises for the remainder of their lease and permitting those without a lease to stay on the property for ninety days after foreclosure without risk of eviction. Please be assured that I will continue to monitor this critical issue and will work to ensure the federal government takes appropriate action to deliver needed assistance to home owners.
Thank you again for sharing your thoughts with me. Please feel free to contact me on this or any other matter of concern.
United States Senator