Federal Foreclosure Assistance Legislation
Wednesday, October 01, 2008
Broad coalition to report on funds available from federal foreclosure assistance legislation
Chief Financial Officer Alex Sink will host the first meeting of her recently created "Financial Action Team" on Thursday, September 4, 2008, to review Florida's potential share of the billions in federal dollars available from the Housing and Economic Recovery Act (HERA) of 2008 to address the Nation's foreclosure problems. The meeting will be held from 9:00 a.m. to 1:00 p.m. in the Florida Cabinet meeting room located in the Lower Level of the Capitol.
"Floridians facing economic challenges from the foreclosure crisis, the softening economy and rising unemployment related to our housing industry can get some much needed relief from the benefits being made available through HERA," said CFO Sink. "Our state has a history of leaving federal money on the table, and I created the 'Financial Action Team' to help our citizens receive their fair share of benefits. The potential impact to our economy from this program is too important to Florida to take any other approach."
CFO Sink's Financial Action Team includes representatives from the following organizations:
Chief Financial Officer Alex Sink will host the first meeting of her recently created "Financial Action Team" on Thursday, September 4, 2008, to review Florida's potential share of the billions in federal dollars available from the Housing and Economic Recovery Act (HERA) of 2008 to address the Nation's foreclosure problems. The meeting will be held from 9:00 a.m. to 1:00 p.m. in the Florida Cabinet meeting room located in the Lower Level of the Capitol.
"Floridians facing economic challenges from the foreclosure crisis, the softening economy and rising unemployment related to our housing industry can get some much needed relief from the benefits being made available through HERA," said CFO Sink. "Our state has a history of leaving federal money on the table, and I created the 'Financial Action Team' to help our citizens receive their fair share of benefits. The potential impact to our economy from this program is too important to Florida to take any other approach."
Financial Action Team members from a dozen housing, financial services, government and economic development organizations have evaluated HERA from their stakeholders' perspective and will report this week on what's available, and the process by which Floridians can apply for and receive these federal benefits. Next steps include a Financial Action Team meeting in late September to outline outreach efforts to educate Floridians about the federal benefits for which they are eligible.
CFO Sink's Financial Action Team includes representatives from the following organizations:
Florida Housing Finance Corporation; Florida Association of Realtors; Florida Legal Services; Florida League of Cities; Florida Association of Counties; Department of Veterans' Affairs; City of West Palm Beach; Florida Tax Watch; Florida Association of Mortgage Brokers and Department of Financial Services.
All meetings of the Financial Action Team will be announced and open to the public.
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Our second front is more challenging. Opinions on how to fix the perceived problems vary wildly. Some in Congress want to decrease access to mortgage credit for consumers; others want to impose heavy regulation and oversight. We are working closely with our Congressmen to ensure that any new legislation filed is fair to all parties involved. We will ensure that all origination entities are treated equally under the law. The time is now to do away with the uneven playing field with which we have been living for all these years.
On the local front, here in Florida, the 2009 legislative session is gearing up to be heavily laden with mortgage reform legislation. FAMB is positioned to have up to three members in the Florida House and one in the Florida Senate. Each of these members understands the need for quality reform. We need reform that protects the consumer and raises the bar of entry into our industry. I am confidant that FAMB will help mold the future of mortgage reform in Florida.
These are critical times for our industry. We need your support, we need your membership and we need your donations to both our Federal and State PACs. Please, if you are not a member, join today and become a PAC partner with the FAMB. You can join and donate by visiting our website at http://famb.org/pac.asp or by calling toll free: (800) 289-9983. Help the FAMB to continue to protect your future.
Our second front is more challenging. Opinions on how to fix the perceived problems vary wildly. Some in Congress want to decrease access to mortgage credit for consumers; others want to impose heavy regulation and oversight. We are working closely with our Congressmen to ensure that any new legislation filed is fair to all parties involved. We will ensure that all origination entities are treated equally under the law. The time is now to do away with the uneven playing field with which we have been living for all these years.
On the local front, here in Florida, the 2009 legislative session is gearing up to be heavily laden with mortgage reform legislation. FAMB is positioned to have up to three members in the Florida House and one in the Florida Senate. Each of these members understands the need for quality reform. We need reform that protects the consumer and raises the bar of entry into our industry. I am confidant that FAMB will help mold the future of mortgage reform in Florida.
These are critical times for our industry. We need your support, we need your membership and we need your donations to both our Federal and State PACs. Please, if you are not a member, join today and become a PAC partner with the FAMB. You can join and donate by visiting our website at http://famb.org/pac.asp or by calling toll free: (800) 289-9983. Help the FAMB to continue to protect your future.
