Carson, CBC Successfully Push for Amendment to Keep Low-Income Hoosiers in Their Homes

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Carson, CBC Successfully Push for Amendment to Keep Low-Income Hoosiers in Their Homes

December 10, 2009

Washington, D.C. – Today, Congressman Carson issued the following statement after the House of Representatives began consideration of the Wall Street Reform and Consumer Protection Act of 2009. This legislation includes $4 billion in foreclosure prevention funding, which was included because of the unyielding advocacy of Congressman Carson and his colleagues in the Congressional Black Caucus (CBC) on behalf of low-income homeowners.

“In this ongoing economic recession, low-income and minority communities across the United States are suffering disproportionately. In the housing market, they are often singled out by predatory lenders for high-cost, high-risk loans, putting them at a much higher risk of foreclosure. As a result, these communities have seen foreclosure rates much higher than the national average—and this includes low-income neighborhoods in Indianapolis.

“While the financial regulatory legislation was originally devoted strictly to the regulation of Wall Street, I joined my colleagues in the CBC to successfully push for the inclusion of support for these struggling homeowners. Our amendment, which was inserted into the bill yesterday, will devote $4 billion nationwide for assistance to homeowners who are unable to make ends meet because of our financial crisis-and of course a portion of these funds will go to help people in the 7^th District.”

“Throughout this process, I was also very pleased to work with President Obama and Financial Services Committee Chairman Barney Frank to develop this compromise legislation. Both have been tireless advocates for the millions of American homeowners who are coping with subprime mortgages and unmanageable debt. Their expertise was invaluable in this process.”

“Debate on this legislation will begin today on the House floor. I am confident that if enacted into law, this new provision will help thousands of more low-income and minority families stay in their homes and begin working toward a more stable financial future.”

More information on the CBC amendment:

The CBC amendment will include $3 billion to allow unemployed and underemployed homeowners in default of their mortgage loans to receive low-interest loans in order to stay in their homes.

It will also include $1 billion in Neighborhood Stabilization Program funds, which are used by local governments to purchase, rehabilitate and redevelop foreclosed homes. Alleviating this blight on communities helps to raise property values and avoid neighborhood deterioration in low-income areas.

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