Local Congressman To Introduce Bill To Halt Foreclosures

DETROIT (WWJ) - Keeping people in their homes - that's the goal behind legislation from 13th District U.S. Representative Hansen Clarke.

Clarke will introduce legislation this week that would place a moratorium on home foreclosures. The Democrat says the housing crisis has decimated the tax base of Detroit and other cities, resulting in declining property values nationwide. And he feels this is necessary legislation.

"The bill that I'm introducing in Congress will help keep families in their homes and save property values by stopping foreclosures and encouraging the lender to negotiate a loan modification with the homeowner," says Clarke.

Clarke says it's important to stop the free fall of declining property values, and keep families in their home.

"Get these federal government agencies to give homeowners a break, stop foreclosing on families, and write down the principal mortgage amount down to the value of the home making that mortgage repayment much more affordable and keeping that family in their home," he says.

Clarke will travel to Washington, D.C., on Tuesday to present his bill.