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Florida Reps. Introduce Bill to Protect Gulf Residents from Foreclosure

U.S. Reps. ""Jeff Miller"":http://jeffmiller.house.gov/ (R-Florida) and ""Adam Putnam"":http://adamputnam.house.gov/ (R-Florida) have introduced legislation to provide mortgage forbearance to homeowners in the areas affected by the BP oil spill.

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""People in Northwest Florida are already dealing with the impact of oil on their shores and are worried about the long-term economic and environmental impact of this disaster; they should not also have to worry about losing their home,"" Miller said. ""I am glad to join with Rep. Adam Putnam and introduce the Gulf Coast Homeowners Relief Act which will provide the needed help for those who have been hit the hardest.""

According to Miller and Putnam, this bill will allow for HUD to provide forbearance for those sustaining economic losses due to the oil spill. In addition, it will give HUD the opportunity to evaluate the resources and programs available within the agency that could provide further assistance to communities along the Gulf Coast.

""It is important to give federal regulators maximum flexibility in assisting homeowners in crisis along the Gulf Coast,"" Putnam said. ""The last thing communities need is bureaucratic red tape unnecessarily forcing families out of their homes.""

This measure is one of several Reps. Miller and Putnam have supported individually to reduce bureaucratic hurdles to the federal response to the leak which began after the Deepwater Horizon rig exploded April 20.

The introduction of this bill came shortly after multiple mortgage companies extended assistance to Gulf Coast borrowers. As DSNews.com previously reported, ""Freddie Mac"":http://dsnews.comarticles/freddie-mac-announces-relief-for-gulf-coast-borrowers-affected-by-oil-spill-2010-06-17 and ""Fannie Mae"":http://dsnews.comarticles/fannie-and-citi-offer-mortgage-relief-to-bp-oil-spill-victims-2010-06-16 have instructed their servicers to suspend mortgage payments for those affected by the spill, and ""Wells Fargo"":http://dsnews.comarticles/wells-fargo-extends-mortgage-assistance-to-gulf-coast-borrowers-2010-06-18 and ""Citi"":http://dsnews.comarticles/fannie-and-citi-offer-mortgage-relief-to-bp-oil-spill-victims-2010-06-16 have both implemented a three-month foreclosure moratorium for Gulf Coast customers.

About Author: Brittany Dunn

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