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.