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For immediate release – Wednesday, February 18, 2009.
Contact Bob Brammer – 515-281-6699,
rbrammer@ag.state.ia.us

A.G. Tom Miller Comment on U.S. Foreclosure Prevention Program

Following is a comment by Iowa Attorney General Tom Miller on the “Homeowner Affordability and Stability Plan” announced Feb. 18 by President Barack Obama.  Miller is the leader of the State Foreclosure Prevention Working Group, which is comprised of state attorneys general and state banking regulators.

Comment of Iowa Attorney General Tom Miller:

The program announced by the President has the potential to change the current flood of foreclosures.  It is a well-thought-out and comprehensive program.  I believe it will accomplish a lot of good for homeowners, communities, and the country.

It will set a national standard for loan modifications pegged at an affordable rate of 31% of income.  It provides some necessary payments for servicers based on their doing successful modifications.

The whole program needs to be monitored successfully.  The States are willing and able to work with the federal agencies in the monitoring to help ensure successful implementation of the plan.

 

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