Washington, DC -December 5, 2007 – U.S. Senator Tim Johnson (D-SD) today encouraged South Dakotans facing the threat of foreclosure to take advantage of resources that may help them find solutions to their housing problems. Johnson, a member of the Senate Banking Committee, is concerned about the subprime mortgage crisis currently affecting more than two million homeowners across the country.
“South Dakota has the second lowest foreclosure rate in the country. Although we are fortunately not feeling a direct hit from the current housing crisis, there are some families experiencing difficulties,” Johnson said. “I encourage South Dakotans facing the threat of foreclosure to contact their mortgage lender, servicer or other resources like the NeighborWorks Center for Foreclosure Solutions.”
Funded by the federal appropriations process, NeighborWorks provides financial and technical assistance to struggling homeowners. Together with lenders and investors, the organization finds solutions to foreclosure situations and helps homeowners understand the mortgage process. More information can be found at 1-888-995-HOPE or online at www.nw.org.
As a member of the Senate Banking Committee, Senator Johnson has worked to address the crisis in the subprime mortgage market. In September the Committee approved the Federal Housing Authority (FHA) Modernization Act. The bill would increase FHA’s loan limits and make loans a more viable option for borrowers.
For more information on Senator Tim Johnson visit his website at http://johnson.senate.gov. To contact Senator Johnson’s communications office via e-mail, write his Communications Director at Julianne_Fisher (at) Johnson.Senate (dot) gov or his Deputy Communications Director at Megan_Smith (at) johnson.senate (dot) gov