U.S. Reps. Peters, Campbell and Ellison Introduce Bipartisan Plan to Help Underwater Homeowners Stay in Their Homes

U.S. Reps. Peters, Campbell and Ellison Introduce Bipartisan Plan to Help Underwater Homeowners Stay in Their Homes

Washington, D.C. – June 11, 2012 – (RealEstateRama) — U.S. Reps. Gary Peters (D-MI), John Campbell (R-CA) and Keith Ellison (D-MN) introduced the Preserving American Homeownership Act of 2012. The crux of this legislation is the creation of a principal reduction program to allow eligible homeowners to have their underwater properties revalued at a more accurate level. By implementing this program, struggling homeowners could qualify for more affordable monthly mortgage payments which would cut foreclosure rates and strengthen the housing market. And by using a shared appreciation model, taxpayers would receive a portion of future revenues from the sale of the house.

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