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Protecting Homeowners, Protecting the Economy: Families Save Their Homes Act

The White House

The President has just signed the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law, landmark pieces of legislation addressing the problems that helped set off the economic crisis we are fighting through now.

The Fraud Enforcement and Recovery Act gives the federal government more tools to crack down on the kind of fraud that put thousands of hardworking families at risk of losing their homes despite doing everything right to live within their means. It expands the Department of Justice’s ability to prosecute at virtually every step of the process from predatory lending on Main Street to the manipulation on Wall Street. It also creates a bipartisan Financial Crisis Inquiry Commission to investigate the financial practices that brought us to this point, so that we make sure it never happens again.

The Helping Families Save Their Homes Act expands on the success of the Making Home Affordable Program first announced in February.

By reducing foreclosures around the country, the average homeowner could see their house price bolstered by as much as $6,000 as a result of this plan, and as many as 9 million homeowners could get help making their mortgages affordable and avoid preventable foreclosures. This bill makes this help easier to access and take advantage of, helps get credit flowing again, establishes protections for renters living in foreclosed homes, and establishes the right of a homeowner to know who owns their mortgage. It also provides $2.2 billion to address homelessness, helping families be part of the recovery one by one.

Any plan is only as effective as the number of people who take advantage of it. This bill recognized that, but if you think you might benefit from refinancing as millions of other Americans could, go to MakingHomeAffordable.gov to find out if you or your family is eligible. Learn more about these bills through the White House fact sheet out today.

Save Their Homes

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