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2008-04-03 13:18:00

Senator Dodd Discusses Foreclosure Prevention with ACORN

Senator Chris Dodd and Bridgeport Mayor Bill Finch with ACORN members; Donna Pearce on right.U.S. Senator Chris Dodd, Senate Banking Committee Chairman, and Bridgeport  (CT) Mayor Bill Finch gathered recently at the home of ACORN member Donna Pearce to discuss strategies for fighting foreclosures.

Both Sen. Dodd and Mayor Finch applauded ACORN's efforts to stem rising foreclosure rates and the strides the organization has made in foreclosure prevention in cities across the country.

"I think we're all just a bit jealous of the great work ACORN does," said Finch. He later added, “We should make sure everyone who signs that paperwork to buy a house has ACORN’s number tattooed on their wrist.”

Pearce, a child care professional and ACORN member in Fairfield County, went to ACORN when she began experiencing difficulty with her mortgage payments. ACORN and Pearce engaged in a four- month struggle with lenders to secure a loan modification in order to save her home from foreclosure.

Pearce thanked the senator for his support of NeighborWorks, which helps provide funding for foreclosure counseling services.

Dodd recently unveiled draft legislation that provides aid to struggling homeowners overwhelmed with high, unaffordable mortgages. Similar legislation has also been drafted by House Financial Services Committee Chairman Barney Frank.

The bill, “HOPE for Homeowners Act of 2008,” would develop a mortgage refinancing division as a subdivision of the Federal Housing Administration to purchase and re-write distressed mortgages, rewriting them with low, fixed rates.

“This proposal will help provide much-needed relief for people on the brink of foreclosure,” Dodd said. The bill, which extends only to owner-occupied houses, is aimed at “keeping families in their houses and neighborhoods financially stable."

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