LANSING – House Speaker Andy Dillon (D-Redford Township) and State Representative Andy Coulouris (D-Saginaw) today praised the Obama administration's aggressive plan to keep residents in their homes, saying that the House Democrats' plan to ban foreclosures for 90 days will work in tandem with the Obama plan to provide relief for Michigan homeowners.
"These plans are a one-two punch on behalf of homeowners," Dillon said. "President Obama's plan will help prevent thousands of homeowners across Michigan from losing their homes, while the House Democrats' plan will help families who are facing the imminent threat of foreclosure find a solution. I'm excited about what this means for Michigan and for our working families and look forward to hearing more details of the President's plan."
House Democrats recently introduced a measure that provides a 90-day reprieve from foreclosure for homeowners who commit to working with their lender and a housing counselor to reach a solution. Counselors are available through the Michigan State Housing and Development Authority (MSHDA) and the U.S. Department of Housing and Urban Development (HUD).
The Homeowner Affordability and Stability Plan proposed by President Obama will help up to 9 million families avoid
foreclosure through a comprehensive effort targeted at responsible, at-risk homeowners. The plan will provide for
low-cost refinancing for up to 5 million homeowners, taking advantage of low mortgage rates in order to drastically
lower monthly payments. Obama's plan also includes a $75 billion initiative that will protect neighborhoods and
communities and help up to 4 million residents stay in their homes by stabilizing housing prices and providing loan
modifications.
"This will not be a giveaway for irresponsible homeowners who bought a home far beyond their means," said Coulouris,
who is the lead sponsor of the House Democrats' plan. "These plans are a lifeline to those who have played by the rules
and tried to pay their bills, and yet find themselves on the cusp of foreclosure. We must move quickly and decisively on
behalf of the thousands of at-risk Michigan families who are counting on us."