FOR IMMEDIATE RELEASE
August 14, 2008
Contact: Keric Fitzgerald, 317-223-4774
Mary Ann Sullivan, the Democratic candidate in Indiana House District 97, today announced her plan to stem the tide of mortgage foreclosures that has forced thousands of Hoosier families from their homes and driven property values down.
For the past decade, Indiana has ranked above the national average in mortgage foreclosures. A recent study by the Center for Responsible Lending projected that more than 48,000 Indiana homes will be foreclosed this year.
"Hard-working families are struggling to keep up with their mortgage payments as they also cope with the rising costs of fuel and food," Sullivan said. "We have to take action to ease the pain of a crisis that's putting people out on the streets, devastating our neighborhoods and endangering children."
Sullivan's solution includes three proposals aimed at preventing lenders from preying on uninformed consumers and making assistance more readily available to those homeowners who find themselves in the foreclosure process:
Sullivan said her grassroots campaign has brought her into contact with many families whose lives have been adversely affected by the foreclosure crisis.
"As I walk through the neighborhoods of House District 97 every night, I see streets lined with boarded-up homes, once well-maintained yards full of trash and weeds, and the burned-out remains of vacant properties. These abandoned houses attract gangs, criminals and illegal dumping. We must do more to stabilize and rebuild neighborhoods that continue to be devastated by this epidemic," Sullivan said. "I believe my proposal will help prevent future losses and provide immediate assistance to those who need help now."
Mary Ann Sullivan is an Indianapolis native who has spent the last 20 years as an advocate for public education. She has worked in and for the Indianapolis Public Schools and holds a Bachelor's degree in Philosophy and a Masters Degree in Public Affairs, focusing on policy analysis. Mary Ann and her husband, Brian, live in Downtown Indianapolis. They have three grown children and one grandchild.
On the Web: www.maryannforhouse.com
August 14, 2008
Contact: Keric Fitzgerald, 317-223-4774
Sullivan announces plan to fight mortgage foreclosures
Lending crisis has hit House District 97 hard
Lending crisis has hit House District 97 hard
Mary Ann Sullivan, the Democratic candidate in Indiana House District 97, today announced her plan to stem the tide of mortgage foreclosures that has forced thousands of Hoosier families from their homes and driven property values down.
For the past decade, Indiana has ranked above the national average in mortgage foreclosures. A recent study by the Center for Responsible Lending projected that more than 48,000 Indiana homes will be foreclosed this year.
"Hard-working families are struggling to keep up with their mortgage payments as they also cope with the rising costs of fuel and food," Sullivan said. "We have to take action to ease the pain of a crisis that's putting people out on the streets, devastating our neighborhoods and endangering children."
Sullivan's solution includes three proposals aimed at preventing lenders from preying on uninformed consumers and making assistance more readily available to those homeowners who find themselves in the foreclosure process:
1. Ban pre-payment penalties
Borrowers should not be penalized for repaying a loan before it comes due, especially when it comes to sub-prime lending. We should make it easier for people to refinance or pay down their debts when they are able.
2. Require lenders to include taxes and insurance up front and to review every borrower's ability to repay a loan
Requiring lenders to review whether borrowers will be able to repay their loans and making sure taxes and insurance are included in mortgage payments will prevent Hoosiers from getting into loans they cannot afford. At least 10 states currently require lenders to assess a borrower's ability to repay the loan.
3. Consolidate current state programs designed to prevent mortgage foreclosure
The state's mortgage foreclosure prevention programs should be combined with efforts to combat mortgage fraud and predatory lending to create a one-stop resource for struggling families and those who are targeted by illegal and unfair practices.
Borrowers should not be penalized for repaying a loan before it comes due, especially when it comes to sub-prime lending. We should make it easier for people to refinance or pay down their debts when they are able.
2. Require lenders to include taxes and insurance up front and to review every borrower's ability to repay a loan
Requiring lenders to review whether borrowers will be able to repay their loans and making sure taxes and insurance are included in mortgage payments will prevent Hoosiers from getting into loans they cannot afford. At least 10 states currently require lenders to assess a borrower's ability to repay the loan.
3. Consolidate current state programs designed to prevent mortgage foreclosure
The state's mortgage foreclosure prevention programs should be combined with efforts to combat mortgage fraud and predatory lending to create a one-stop resource for struggling families and those who are targeted by illegal and unfair practices.
Sullivan said her grassroots campaign has brought her into contact with many families whose lives have been adversely affected by the foreclosure crisis.
"As I walk through the neighborhoods of House District 97 every night, I see streets lined with boarded-up homes, once well-maintained yards full of trash and weeds, and the burned-out remains of vacant properties. These abandoned houses attract gangs, criminals and illegal dumping. We must do more to stabilize and rebuild neighborhoods that continue to be devastated by this epidemic," Sullivan said. "I believe my proposal will help prevent future losses and provide immediate assistance to those who need help now."
Mary Ann Sullivan is an Indianapolis native who has spent the last 20 years as an advocate for public education. She has worked in and for the Indianapolis Public Schools and holds a Bachelor's degree in Philosophy and a Masters Degree in Public Affairs, focusing on policy analysis. Mary Ann and her husband, Brian, live in Downtown Indianapolis. They have three grown children and one grandchild.
On the Web: www.maryannforhouse.com
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Paid for and authorized by Mary Ann Sullivan for Indiana House
Paid for and authorized by Mary Ann Sullivan for Indiana House
