Support the Conyers-Turner-Lofgren Amendment
HELP MILLIONS OF FAMILIES STAY IN THEIR HOMES …AT NO COST TO TAXPAYERS!SUPPORT THE CONYERS-TURNER-LOFGREN AMENDMENT TO H.R. 4173
It is estimated that an additional 2.4 million homes will be lost to foreclosure next year and millions more in 2011, for a total of 7.5 million homes foreclosed on between 2006 and 2011.
Congress should act now to help arrest the foreclosure crisis and the terrible toll that it is taking on American families, communities and, indeed, the entire economy.
Many of AFR’s members have long have supported legislation to empower bankruptcy judges to modify mortgages on primary residences as the “stick” financially strapped homeowners desperately need to get their lenders to work with them to prevent avoidable foreclosures.
This narrowly tailored change to the bankruptcy code represents a valuable tool, at no cost whatsoever to the taxpayer, for stopping foreclosures and stabilizing the economy by providing homeowners access to court-supervised mortgage modifications.
The Conyers-Turner-Lofgren amendment will not excuse families from paying their mortgage. Rather, it simply will give judges the authority to modify unaffordable loans for families who are facing foreclosure and cannot obtain a voluntary modification.