MONROE – State Representatives Kate Ebli (D-Monroe) and Kathy Angerer (D-Dundee) hosted a town hall event on fighting foreclosures Monday evening at the Monroe County Courthouse. The free event brought together homeowners and experts in the housing field.
"As Michigan faces the fourth-highest rate of foreclosures in the country, this town hall was designed to help keep families in their homes – and by doing so, keep our communities strong," Ebli said. "Foreclosures hurt entire neighborhoods. When homes are left abandoned, property values decline. By helping our state's hard-working families avoid foreclosures during these difficult economic times, we are promoting economic growth and protecting jobs."
Guests who shared valuable tips on avoiding foreclosures and predatory lending practices included Douglas Chaffin, President and CEO of Monroe Bank & Trust, Stephanie Zorn-Kasprzak, Executive Director of the Monroe County Opportunity Program, and Mary Townley, Director of the Michigan State Housing Development Authority's Homeownership Division.
"The foreclosure epidemic seen around the country is also a pressing problem in Michigan – and this town hall helped more families maximize the resources available to them," Angerer said. "I am pleased that families from around our region were able to attend this important program. Preventing foreclosures helps strengthen our communities because the problems that result from risky adjustable-rate mortgages affect everyone, not just the homeowners who receive a foreclosure notice."
In October, Ebli and Angerer unveiled an aggressive plan to fight foreclosures and help keep Michigan's families in their homes. This plan allows homeowners facing a spike in housing expenses due to their adjustable-rate mortgage, or residents who have missed payments due to financial constraints, to secure a fixed-rated loan through the Michigan State Housing Development Authority. The plan builds on the Michigan Home Loan Protection Act, a comprehensive legislative package announced this summer that aims to crack down on predatory lending.