Tag Archives: Congress

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Mel Watt: Enact “Principal Reduction”


Mel Watt has the power to lift FHFA’s ban on principal reduction without Congressional approval.
Millions of households are at risk of foreclosure.

'Mel Watt during public hearing

Tell FHFA Director Mel Watt to help keep struggling families in their homes:

Join Us

Since the start of the 2008 recession, an estimated 10 million American households have been foreclosed, evicted, or displaced and millions more are still at risk.1 The brutal housing crisis hit Black people especially hard,2 but now there’s a new opportunity to roll back years of destructive federal housing policy, repair the housing finance market, and help struggling homeowners stay in their homes.

Former North Carolina Congressman Mel Watt was recently confirmed as a top federal housing regulator and director of the Federal Housing Finance Agency (FHFA). He could help millions of households avoid unnecessary foreclosures by lifting the FHFA’s restriction on a loan modification process known as “principal reduction,”3 — lowering the amount owed to current market value to decrease monthly payments.4 This would stabilize local economies by putting millions of dollars back into the hands of homeowners, giving cities more reliable property tax revenues, and ensuring lenders have fewer delinquent loans. But he won’t act unless enough of us raise our voices and demand that he make it a priority.

Please join us in demanding FHFA Director Mel Watt suspend all evictions and foreclosures by Fannie Mae and Freddie Mac until his administration reviews and changes key policies, including lifting the Federal Housing Finance Agency’s restriction on principal reduction. It only takes a moment.

Since the start of the housing crisis, Black households have lost 53 percent of their wealth,5 retirement accounts have shrunk,6 and the worst underwater areas continue to be disproportionately located in Black communities. The FHFA was created in 2008 to help homeowners and stabilize the real estate market and the economy — but it has done little to help. Instead the agency has consistently refused to let government-backed lenders Fannie Mae and Freddie Mac reduce the principal owed on homes weighed down by “underwater” mortgages,7 meaning they now owe more on their mortgages than their homes are worth. If Fannie and Freddie were authorized to make loan modifications such as principal reduction, homeowners could expect lower monthly mortgage payments, making it far more likely that they could avoid foreclosure and eviction.8 At least 8 state Attorneys General and 45 Members of the House of Representatives have called for principal reduction and harshly criticized the FHFA’s inaction.9

Before his appointment as director of the FHFA, Watt served as a North Carolina congressman for more than two decades, where he tirelessly advocated for struggling homeowners, co-sponsored mortgage reform and anti-predatory lending legislation and promoted affordable housing. Watt was also a member of the Congressional Black Caucus (CBC), serving as the group’s chairman from 2005-2006.10 In fact, in 2012 Watt was among a group of CBC members and other progressive lawmakers that sent President Barack Obama a letter urging him to enact principal reduction and provide assistance to underwater borrowers.11 Now that he has the power to mitigate widespread suffering in Black communities caused by the housing crisis, we must remind him of his past support for principal reduction and that failure to take action will stain his legacy.

Mel Watt is uniquely positioned to take bold action to address the nation’s underwater mortgage epidemic — and he doesn’t even need Congressional approval to act.12 But in his first major speech since his appointment, Watt made no commitment and he only indicated that the FHFA was “studying principal reduction right now” in response to a direct question.13 Without intervention from the FHFA and Mel Watt, we will continue to see our communities blighted, unable to recover, and suffering devastating economic impacts from this unchecked foreclosure crisis.14

Join us in demanding FHFA Director Mel Watt issue a moratorium on foreclosures and evictions, lift the restriction on principal reduction, keep families in their homes and end unnecessary suffering in our communities. And when you do, please ask your friends and family to do the same.

Thanks and Peace,

–Rashad, Matt, Arisha, Aimée, Jamar and the rest of the ColorOfChange.org team
May 28th, 2014

Help support our work. ColorOfChange.org is powered by YOU—your energy and dollars. We take no money from lobbyists or large corporations that don’t share our values, and our tiny staff ensures your contributions go a long way.

References

1. “10 Million Americans Have Had Their Homes Taken Away by the Banks — Often at the Point of a Gun,” AlterNet, 08-01-13
http://act.colorofchange.org/go/3479?t=7&akid=3412.1174326.jGfCGm

2. “The Great Eviction: Black America and the Toll of the Foreclosure Crisis,” Mother Jones, 08-01-13
http://act.colorofchange.org/go/3481?t=9&akid=3412.1174326.jGfCGm

3. “What Is Mel Watt Waiting For?,” Huffington Post, 05-13-14
http://act.colorofchange.org/go/3482?t=11&akid=3412.1174326.jGfCGm

4. “What Housing Recovery?,” New York Times, 5-8-14
http://act.colorofchange.org/go/3485?t=13&akid=3412.1174326.jGfCGm

5. “Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics,” Pew Research, 07-26-11
http://act.colorofchange.org/go/3497?t=15&akid=3412.1174326.jGfCGm

6. “Foreclosure crisis not over for minorities,” CBS News, 06-25-13
http://act.colorofchange.org/go/3496?t=17&akid=3412.1174326.jGfCGm

7. “Liberal advocates want Obama to dump FHFA’s DeMarco,” Washington Post, 03-12-12
http://act.colorofchange.org/go/3483?t=19&akid=3412.1174326.jGfCGm

8. “A Major Lift for Fannie and Freddie,” NY Times, 05-13-14
http://act.colorofchange.org/go/3484?t=21&akid=3412.1174326.jGfCGm

9. See reference 3.

10. “Obama to Nominate Mel Watt to Head FHFA,” The Root, 05-01-13
http://act.colorofchange.org/go/3489?t=23&akid=3412.1174326.jGfCGm

11. “House Democrats press for homeowner help in ‘fiscal cliff’ deal,” The Hill, 02-11-12
http://act.colorofchange.org/go/3490?t=25&akid=3412.1174326.jGfCGm

12. “What Housing Recovery?,” NY Times, 05-08-14
http://act.colorofchange.org/go/3485?t=27&akid=3412.1174326.jGfCGm

13. “Fannie Mae, Freddie Mac won’t reduce loan limits, regulator says,” LA Times, 05-13-14
http://act.colorofchange.org/go/3487?t=29&akid=3412.1174326.jGfCGm

14. “Underwater America: How the So-Called Housing ‘Recovery’ Is Bypassing Many American Communities,” (.pdf), The Haas Institute for a Fair and Inclusive Society, 05-01-14
http://act.colorofchange.org/go/3498?t=31&akid=3412.1174326.jGfCGm

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830 dead manatees


 Toxic algae and reckless tourists are threatening endangered Florida manatees.

Sign the petition: Tell Fish and Wildlife to protect these gentle creatures!

Take Action!

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Recall …


Wolverine Meat Recall

 

E. coli is found in cow poop. Yummy. 

Why on earth are we still having E. coli outbreaks in this day and age? Don’t beef producers know how to avoid it at this point? Apparently not. Today, Detroit-based Wolverine Packing Company recalled 1.8 million pounds of ground beef because—you guessed it—it’s contaminated with E. coli. With a name like Wolverine, maybe they produce mutant beef? Probably not, but I’d be willing to guess they’re not taking the proper precautions in production. E. coli—which is potentially deadly—contaminates ground beef when parts of the intestine make their way into the final product, because …

E. coli is found in cow poop. Yummy.
READ MORE »

~ politics petitions pollution and pop culture

“Making Use of America’s Talent”


whitehouse2

We hope this message finds you well. As President Obama’s “Year of Action” continues, Senior White House Officials are joining him in taking this work to the Nation.

Valerie Jarrett, Chair of the White House Council on Women and Girls, recently participated in the New York Regional Forum on Working Families to talk about issues ranging from paid leave to flexible scheduling. Click here to read more about Jarrett’s personal journey to balance the schedules of work and family.

On Monday, May 19th, Dr. Betsey Stevenson, a Member of the Council of Economic Advisers, spoke at the Boston Regional Forum and talked about Making Full Use of America’s Talent. As Dr. Stevenson writes, “Workplaces can change — many already have. Workplaces that offer part-time schedules, scheduling flexibility, or work-from-home options have found that these policies can help recruit and retain workers, increasing productivity.” Click here to read more and be sure to visit www.workingfamiliessummit.org.

In related news, President Obama continued his push for an increase in the minimum wage. Women disproportionately work in low-wage jobs, and more than half of the workers who would benefit from an increase in the minimum wage are women. Read below or click here to learn more.

We couldn’t possibly finish our note without asking you to mark your calendars (May 27th) for the 2014 White House Science Fair! This year, there will be a special focus on girls in STEM. Click here to learn more and stay tuned for updates.

Visit us on the web at www.whitehouse.gov/women and follow @vj44 for updates on all this and more.

Thank you so much for all that you do!

White House Council on Women and Girls

A 21st Century Workplace for Today’s Working Families

Valerie Jarrett, Chair of the White House Council on Women and Girls shares her thoughts:

Every day in America, there are single moms struggling to take sick children to doctors’ appointments because missing work isn’t an option. Working dads find themselves straining to focus at work, because their employer doesn’t provide paternity leave that would enable them to contribute at home and bond with their new babies. Young women are questioning their ability to thrive in the workplace as they try to balance the needs of their families with their responsibilities at work.

 

Nearly half of America’s workforce is now comprised of women, and three-fourths of households are headed by a working single parent, or two working parents. Still, our workplaces have yet to catch up by implementing policies which empower women, and provide flexibility for parents.

 

Click here to read more.

Making Full Use of America’s Talent

Dr. Betsey Stevenson, Member of President Obama’s Council of Economic Advisors, shares her thoughts:

I told a friend recently that I thought that I was failing at everything — my kids weren’t getting enough of me, I wasn’t doing everything that I wanted to at work, and I wasn’t spending enough time with my partner. Her response was to congratulate me for getting my work-life balance just right…

 

Workplace flexibility enabled us to bridge the gap between our care and career responsibilities, but many working women still don’t have this option. Research shows us that women are deterred from entering certain professions with long hours or inflexible schedules because they worry about balancing work and family responsibilities, and are often forced into a less productive career paths as a result. Many workers — both men and women — also lack access to paid family leave and high quality affordable child care, forcing them to make difficult choices between work and family. By limiting career options of some talented workers, we are failing to build an economy that can operate at its full potential and jeopardizing our ability to compete on the world stage. In order to continue making the kind of economic progress we’ve seen in the last 100 years, we’re going to have to reshape the workplaces of today and tomorrow.

 

Click here to read more.

The Benefits of Raising the Minimum Wage for America’s Women

Raising the minimum wage is especially important for women, who are highly concentrated in low-wage jobs and occupations.

Learn more and then share this graphic with others.

Check out the infographic

Announcing the White House Science Fair and Celebrating Girls Excelling in STEM

President Obama checks out a White House Science Fair presentation

President Barack Obama gets down on his hands and knees as he looks at the inner workings of a robot that plays soccer, built by a team from Blue Bell, Pa., as he tours science projects on display in the State Dining Room of the White House. President Obama hosted the White House Science Fair for winners of a broad range of science, technology, engineering and math (STEM) competitions. October 18, 2010. (Official White House Photo by Pete Souza)

Next week – on Tuesday, May 27 – the White House is going to be filled with robots, science projects, and more. Students from around the country are headed to the 2014 White House Science Fair hosted by President Obama, and we couldn’t be more excited. With students from a broad range of science, technology, engineering, and math (STEM) competitions, this year’s Fair will include a specific focus on girls and women who are excelling in STEM and inspiring the next generation with their work.

Stay tuned, because this week, we’ll be previewing some of the amazing girls who will be presenting their projects at the White House Science Fair. Since day one, the President has been committed to getting more underrepresented groups, including women and girls, excited to excel at STEM subjects. For example, in the Administration’s $4.35 billion Race to the Top competition, President Obama granted states competitive preference if they demonstrated efforts to close the STEM gap for girls and other groups that are underrepresented.

The President began the tradition of hosting White House Science Fairs in 2009 when he launched his Educate to Innovate campaign to inspire more girls and boys to excel in STEM subjects. As the President has noted, “If you win the NCAA championship, you come to the White House. Well, if you’re a young person and you produce the best experiment or design, the best hardware or software, you ought to be recognized for that achievement, too.” In the run up to the Science Fair, we also want you to share your stories, and we want to highlight YOUR First Science Fair project. So for this Thursday’s Throw Back Thursday, tweet us a photo of your science fair projects and other STEM work from when you were a kid using #TBTsciencefair!

Follow us here @WhiteHouse and @WhiteHouseOSTP as we plan to join in the fun as well.

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