Franken homeowner amendment passes Senate

Photo: Paul Demko, MnIndy

The U.S. Senate approved an amendment sponsored by Sen. Al Franken that would create an office to investigate complaints by homeowners who believe their mortgage handlers are breaking the law. The amendment would create an Office of the Homeowner Advocate using money from the TARP program.

“This victory means help for the many Minnesotans who are in danger of losing their homes through no fault of their own,” said Franken. “These families are doing their best in a tough economy that they didn’t create. And they need to know there’s someone who has their back when they’re trying to navigate the already stressful system of avoiding foreclosure.”

The amendment had the support of Democrats and Republicans was added to a bill that would extend jobless benefits.

Republican Sen. Olympia Snowe of Maine, an early supporter of the amendment, praised its passage in a statement on Wednesday.

“I could not be more pleased that the Office of Homeowner Advocate Amendment passed the Senate, and by a bipartisan vote. As Mainers and Americans know too well, these turbulent economic times, in which we have witnessed record high unemployment rates, have been confounded by the housing market crisis and certain mortgage servicers who are, frankly, taking advantage of our nation’s families,” said Snowe. “By creating an Office of the Homeowner Advocate, these Americans will receive the vital assistance they require when they are faced with the daunting foreclosure system.”