Thank you for visiting my online office. I am hopeful that this website will allow you to find relevant information, whether it is for research on the Congress or visiting Washington, D.C. Having served as an elected official for over thirty years, I believe in constant contact with the constituency and I trust that you will stay engaged as I continue to represent you in the Halls of Congress. Please feel free to contact me or my staff if you require additional information or assistance. I also look forward to your comments as how I can improve the 7th District for you.
| CONGRESSMAN DAVIS REACTS TO THE CONGRESSIONAL BUDGET OFFICE SCORING OF THE AFFORDABLE CARE ACT Aug/1/2012 |
WASHINGTON, DC (AUGUST 1, 2012) - Statement of Rep. Danny K. Davis on FHFA DECISION ON PRINCIPLE REDUCTION I am extremely dismayed with Federal Housing Finance Agency Director Edward DeMarco’s decision to prohibit Fannie Mae and Freddie Mac from offering principal reduction to homebuyers. Debt forgiveness in the form of principal reduction would allow underwater homeowners to remain in their homes and keep thousands of properties from going into foreclosure. Chicago has seen the devastating effects of foreclosures and vacant properties and is aggressively stabilizing these communities. While there are plenty of factors related to the two, principal reduction is a tool to assist those responsible homeowners and add a boost to a struggling housing market. Mr. DeMarco’s decision is counterintuitive given that his own agency found that principal reduction could benefit up to half a million homeowners and save the American taxpayer up to $1 billion. I encourage Mr. DeMarco to revisit this policy which would undoubtedly stem the tide of additional foreclosures. |
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