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StumblePublished Wednesday, April 29, 2009 | 2:28 p.m.
Updated Wednesday, April 29, 2009 | 2:32 p.m.
WASHINGTON — For her legislative debut, Democratic Rep. Dina Titus introduced her first stand-alone bill today — legislation to help homeowners in Nevada get information about reducing mortgage costs.
The bill, similar to an amendment Titus had offered earlier this year, would require mortgage service companies that receive funds from the federal program to write down loans to notify homeowners of the help available.
Titus hopes that by making information available from legitimate loan providers, residents can avoid scams as they seek mortgage relief.
Titus introduced the legislation with introduced the bill, introduced with Rep. Dennis Cardoza, whose Merced-area district in California is also among those with some of the highest forclosure rates during the housing crisis.
“My district in Southern Nevada has been one of the hardest hit by the foreclosure crisis,” Titus said in a statement.
“To make matters worse, too many people do not know about the resources that are available to help them keep their home… Help is out there, but it can be hard to find. This legislation will ensure that homeowners who are struggling to stay in their home get critical information about the various programs.”
Titus had offered similar legislation as an amendment to a housing package in March, but withdrew the legislation after concerns from Democratic leaders about its scope. She was encouraged to pursue the legislation.
Under the Obama administration’s housing relief plan, banks and mortgage service companies are offered incentive payments for each homeowner they assist.
Titus’s office said it was clear residents in southern Nevada have questions and need assistance. The congresswoman recently hosted a mortgage aid workshop in Las Vegas that drew 300 people on a Saturday.
This is her first stand-alone bill, after having successfully authored two amendments that were passed as part of broader bills in the House.
You must be kidding. Someone correct me if I've misread this. Congresswoman Titus has submitted legislation that would require my mortgage company to send me a letter telling me that they wont refinance my loan? How about submitting some legislation requiring my mortgage company to actually refinance my loan
Loan companies and banks should have it mandated from a Federal level that they must offer packages to re-write or negotiate the terms of the loans in danger of foreclosure with the borrower when the borrower contacts them. Right now you call in good faith to tell them you are having troubles and many of the lenders claim they do not have a loan package to help you. Outrageous!