WASHINGTON, Feb. 4 -- Sen. Jack Reed issued the following press release:
In an effort to protect homeowners from foreclosure and keep homes in the hands of families and local civic institutions, U.S. Senators Jack Reed (D-RI), Tina Smith (D-MN), Ron Wyden (D-OR), Jeff Merkley (D-OR), and Chuck Schumer (D-NY) today reintroduced the Preserving Homes and Communities Act (S. 3753).
This legislation would strengthen the residential mortgage market by reforming Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac note sale programs to better protect homeowners and local communities. Rather than having nonperforming and reperforming loans sold at a discount to private equity firms and institutional investors, the bill would protect ...