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Tag Archives: Senator Bob Menendez

Senator Bob Menendez Wants Answers From FHFA Director Watt

Menendez, Ranking Member of the Senate Subcommittee on Housing, Transportation, and Community Development, cited preliminary findings in the FHFA’s annual housing report. The Senator noted that Freddie Mac had failed to meet its single-family low- and very low-income home purchase goals last year and asked Watt what the agency is going to do to make corrections in these two areas.

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Senator Proposes Legislation to Help Underwater Borrowers Avoid Foreclosure

Menendez's bill seeks to help both homeowners and lenders. In exchange for reducing the amount of principal owed, banks would be entitled to a portion of any future increase in value the home might experience. This gives the underwater homeowners relief on their mortgages while banks take a short-term reduction in exchange for a long-term gain pending the housing market recovery.

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