Housing

Scott Kleeb believes that home ownership must be an opportunity for every hard-working Nebraskan, but the current economic situation puts that in jeopardy. By March of this year, Nebraska already had more than 3,200 homes in foreclosure. Nebraskans know that when your neighbor is struggling you are struggling too. Washington needs to learn that.

SUPPORT THE AMERICAN HOMEOWNER

With the national economy slipping, Scott Kleeb knows we must ensure the American Dream does not slip away with it. Scott applauds Congress’s passage of the recent stimulus package, but understands, as all Nebraskans do, that there is more work to do. In the U.S. Senate, Scott will work with both parties to:

• Modernize and continue to streamline the Federal Housing Authority.

• Increase transparency in the mortgage process.

• Increase the availability of affordable housing.

TAKE MAIN STREET VALUES TO WALL STREET

With the economy in distress, Scott Kleeb understands that businesses must be supported and certain business practices must be reformed. The Nebraskan values of honesty and fairness need to be instilled on Wall Street and in Washington. As U.S. Senator, Scott will work with both parties to:

Keep Fannie Mae and Freddie Mac strong. Fannie Mae and Freddie Mac hold $12 trillion in mortgage loans - roughly half of all outstanding mortgages - making them a vital part of the housing market and the economy. Scott Kleeb believes we must restore confidence in these important lenders to protect middle-class American families from foreclosure.

Stop predatory lending. While we focus on fixing the current mortgage crisis, Scott Kleeb understands that we must not lose sight of the underlying causes. Dubious loans and unchecked predatory lending practices, particularly in the subprime mortgage industry, have put Main Street in jeopardy. Scott Kleeb will fight to protect hard-working Americans by supporting legislation that puts an end to predatory lending practices.

Close mortgage loophole. Scott Kleeb believes it’s wrong to allow unscrupulous practices in the mortgage industry to cause hard-working Americans to lose their homes. We must stop putting corporations ahead of Americans. That’s why Scott will work to close the mortgage loophole that denies bankruptcy courts from modifying mortgage payments.

Holding lenders accountable. By securitizing mortgages and selling them to third parties, lenders have lost the incentive needed to ensure they are providing loans to those who can afford to repay them. Scott Kleeb will work to reform the system to make sure lenders are held accountable for the loans they issue.

Cleaning up the credit rating system. Many have lost faith in our credit rating system. Credit rating firms have issued AAA credit ratings on securitized real estate debt that later turned out not to be worth the paper it was printed on. Scott Kleeb will work to provide more transparency and oversight to our credit rating system so investors know the risks before they invest.