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Congressman Albio Sires

Representing the 8th District of New Jersey

Housing

The foundation of the American Dream is to have a home to call your own. Unfortunately, the booming housing market in previous years allowed too many individuals to buy a home that they could not afford with loans that were not appropriate given their financial circumstances.   Today, those individuals are facing foreclosure and the surrounding communities are seeing drastic drops in property values and taxes.  In order to reestablish confidence in the housing market, it is important for me and my colleagues in Congress to support policies that provide assistance to at-risk homeowners and relief to negatively impacted communities.

An important way to assist homeowners is to ensure that they have access to transparent information regarding mortgages and credit. I voted in favor of legislation creating the Consumer Financial Protection Bureau (CFPB), an independent agency with a range of rulemaking, information-gathering, supervisory, and enforcement tools to regulate financial products such as mortgages and credit cards. I believe with adequate knowledge and protections, consumers can responsibly achieve the American dream of homeownership.

I will continue to focus on addressing foreclosures; an issue too many homeowners still face.  Whether homeowners can no longer afford their monthly payments due to job loss or increasing adjustable rate mortgages, or they cannot sell their home because they owe more than it is worth, foreclosure rates may continue to rise for the near term.  I will remain vigilant in finding solutions to avoid foreclosure and that continue to push for reforms to ensure that the American dream of owning a home remains attainable.

More on Housing

Jan 13, 2014
Oct 17, 2013
I am relieved that Congress has finally broken through the gridlock that initiated the government shutdown. Although 16 days is far too long for this stalemate to have occurred, thousands of American families woke up today knowing that not only can they pay their bills, but the United States of America can continue paying its bills.
Mar 14, 2013
“This bill changes how we pay for natural catastrophes from an after-the-fact emergency appropriation system to a planned, controlled approach,” expressed Congressman Sires. “With the recent events of Superstorm Sandy my state and my region in particular know the devastation these large-scale natural catastrophes bring to our citizens.”
Mar 27, 2012
Washington, DC-- Today, Congressman Sires voted in favor of legislation to expand veteran’s housing opportunities.
Mar 20, 2012
Washington, DC--Today, Congressman Sires announced that Brand New Day, Inc. received a grant in the amount of $39,420 from The National Foreclosure Mitigation Counseling Program (NFMC). The grant will help community-based organizations provide housing counseling to families and individuals facing the threat of foreclosure.

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