| January 21, 2011

Senator calls on president for foreclosure relief

Over the past year, nearly one million Americans lost their homes to foreclosure, as the economy continued to struggle. The dire state of the economy has led U.S. Senator Jeff Merkley to call on President Barack Obama to address problems with the housing market at the upcoming State of the Union address.

Merkley recently wrote a letter to the president saying that the current anti-foreclosure programs do not go far enough to keep Americans in their homes.

“Next week, Mr. President, you will have the attention of the nation,” Merkley wrote, according to The Huffington Post. “I urge you to use this opportunity to renew efforts to tackle the national foreclosure crisis.”

In particular, Merkley took aim at the Home Affordable Modification Program, saying it has only led to 600,000 new mortgage loan approvals, far short of its original goal of about 4 million, the news source says.

The senator’s comments come at a time when infighting among regulators has led to delays on several key reforms that would help those struggling with credit card debt, mortgage payments and the threat of foreclosure.

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