[Congressional Record (Bound Edition), Volume 161 (2015), Part 8]
[House]
[Page 11383]
[From the U.S. Government Publishing Office, www.gpo.gov]




          ADDRESSING FORECLOSURES AND SHORT SALES IS CRITICAL

  (Mr. McNERNEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. McNERNEY. Mr. Speaker, homeownership is one of the cornerstones 
of the American Dream; yet, since the 2007 housing crisis, millions of 
Americans have lost their homes through the foreclosure process, and 
many more continue to struggle.
  Addressing foreclosures and short sales is critical. Accelerating the 
short sale process for homeowners would be part of the solution.
  Unfortunately, in California and across the country, one of the most 
significant factors that slows down the short sale process takes place 
when a homeowner's second mortgage lender delays final negotiations on 
the short sale; and too often, second mortgage lenders use stonewalling 
tactics to delay payouts from the first mortgage lenders. This, 
unfortunately, delays and hurts the homeowners, willing buyers, and the 
economy at large.
  After further investigation on this issue, I will be introducing a 
bill to address short sales and ask the Federal Housing Finance Agency 
to provide an update on what it is doing to facilitate short sales and 
protect homeowners.

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