The economic recession has caused many homeowners to face trouble making mortgage payments. The fear of foreclosure on a family’s home is a major concern for many Americans. Congressman Pallone supports the federal government taking necessary steps to give homeowners the tools they need to get back on their feet and modify home loans to avoid foreclosure.
Protecting Americans Applying for Mortgages
Congressman Pallone supported the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Consumer Financial Protection Bureau (CFPB). The CFPB’s mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
Congressman Pallone supports funding for housing for low-income families. Programs such as Section 8 and the Community Development Block Grants help families in need access affordable housing so they can have a steady residence and provide stability to their family