Thank you for contacting me to express your concerns about housing market reforms and foreclosure prevention legislation. I recognize how important this issue is and appreciate hearing your thoughts.

Like you, I am very concerned about this severe economic crisis, which has been caused in part by the declining housing market. As part of President Obama’s efforts to reduce foreclosures, the Administration is using $75 billion of economic stabilization funds to implement mortgage modification and loan refinancing programs. I certainly understand that some deserving Californians may not be eligible to participate in these programs.

There is no perfect plan to ensure a quick economic recovery and I assure you that it is my goal to find workable solutions that benefit all Californians during this difficult time. Preventing foreclosures is an important step to stabilize property values in areas most impacted by this crisis. Additionally, President Obama’s housing relief programs are only one component of several ongoing efforts to improve the economy. For instance, the recently enacted American Recovery and Reinvestment Act (Public Law 111-16) provides more than $326 billion in tax relief for families, seniors, and small businesses and funds targeted to California are expected to create or save nearly 400,000 jobs.

Please know that I will keep your letter in mind as I review further legislation and proposals to assist California homeowners. I hope that you will continue to keep in touch with further suggestions. Should you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.

Sincerely yours,
Dianne Feinstein
United States Senator