CROWNSVILLE, MD — U.S. Senator Ben Cardin (D-MD) today met with officials of the Maryland Department of Housing and Community Development (DHCD) and statewide housing advocates to discuss the continuing foreclosure crisis and to discuss ways to get the Maryland housing market back on track. President Obama recently announced that his Administration would adjust the Home Affordable Refinance Program (HARP) to make it easier for borrowers to refinance their mortgages.
In the first nine months of 2011, more than 118,800 Maryland residents received notices of intent (NOI) to foreclose. Since the foreclosure crisis began in 2009, each year more than 110,000 Marylanders have received a NOI to foreclose. Additionally, Maryland is reported to have one of the highest levels of shadow inventory nationwide. Shadow inventory is the number of homes in foreclosure (or significant default) that have not yet sold at auction.
“The continuing high number of new foreclosures and delinquencies across Maryland shows that we must do more to get our housing market back on track,” said Senator Cardin. “To overcome these challenges, it is incumbent upon government at all levels, banks, and mortgage counselors to work together to stabilize the market, restore home prices, and protect families and communities from foreclosure. There are no simple solutions, but we need to be innovative and creative in helping American families stay in their homes.”
The Senator is seeking the reaction of Maryland housing officials to the Administration’s to expand HARP to homeowners with mortgages sold to Fannie Mae and Freddie Mac before June 1, 2009. Senator Cardin also wants to hear about the overall effectiveness of current programs to help homeowners who are facing foreclosure.