Gov. Martin O’Malley (D) pleaded for “urgent action” to address the national foreclosure crisis during testimony this morning before the House Financial Services Committee in Washington, D.C.
“In Maryland, we have an aggressive strategy to address the foreclosure crisis, but our ultimate success depends on a successful partnership with the federal government to help keep homeowners in their homes,” O’Malley said.
The governor spoke in support of the Federal Housing Administration (FHA) Housing Stabilization Retention Act of 2008, designed to help homeowners avoid foreclosure by enabling the FHA to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders.
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