In Honor of Memorial Day, Tunnel To Towers to Provide Three Gold Star Families with Mortgage-Free Homes

Staten Island, NY - May 25, 2020 - (The Ponder News) -- This Memorial Day, the Stephen Siller Tunnel to Towers Foundation, named after a fallen 9/11 FDNY firefighter, announced it will be providing mortgage-free homes to three Gold Star families - the families of U.S. Army Staff Sergeant Matthew J. West, U.S. Army Specialist Christopher Michael Harris, and U.S. Army Staff Sergeant William S. Jackson II.

SSG West, 36, was killed in action in Afghanistan on August 30, 2010, when his vehicle was hit by an IED. He joined the Army in June of 2004, and was on his third deployment at the time of his death.

SSG West left behind his wife, Carolyn, and their three children, Tyler, Joseph, and Annaliese.

“Not only will the Gold Star Family Home Program allow me to give them [the children] a home, but it will also help me to secure their education and future with less stress, and allow us to continue to make more happy family memories,” said Carolyn West.

SPC Harris, 25, was killed in action in Afghanistan on August 2, 2017. He was just one month into his first deployment when a vehicle packed with explosives detonated near his convoy, taking his life.

SPC Harris left behind his pregnant wife, Britt, who was expecting their first child. She welcomed their daughter, Christian Michelle, in March 2018.

“She’s my whole world,” Britt said of Christian Michelle. “The Gold Star Family Home Program will allow me to set aside a proper savings account for my daughter.”

SSG Jackson, known to his friends and family as Jack, was killed on Veterans Day 2006 when an IED detonated near his vehicle in Ramadi, Iraq. The 29-year-old first served in the U.S. Marines for four years, from 1998-2002, before joining the Army.

SSG Jackson is survived by his wife, Katie, and their four children, Zachariah, Levi, Samuel, and Hannah. All four children were younger than six when their father was killed.

“Since Jack’s death, we have felt like we have been in survival mode in many ways. Receiving a home would take the edge off of the feeling of shouldering a heavy burden alone. It would bring such a sense of relief,” Katie said.

The Tunnel to Towers Foundation’s Gold Star Family Home Program honors the legacy of those who have made the ultimate sacrifice while serving our country by providing the surviving spouses and young children with mortgage-free homes.

“SSG West, SPC Harris, and SSG Jackson put their lives on the line in service of our country, and tragically, they did not make it home to their families. This Memorial Day, the Tunnel to Towers Foundation wants the West, Harris, and Jackson families to know that their sacrifices are remembered. We hope the knowledge that they will never have to make another mortgage payment again will provide Carolyn, Britt, Katie, and their children with some peace of mind as they continue to grieve,” said Foundation Chairman and CEO Frank Siller.

You can help Tunnel to Towers provide mortgage-free homes to Gold Star families by donating $11 per month at tunnel2towers.org.

New Jersey asks for Military Intervention and More News about the Coronavirus Epidemic

New Jersey has reported over 400 positive cases of COVID-19 and five deaths, according to Senator Robert Menendez (D-NJ). He is requesting that the military get involved due to shortages of hospital beds. Senator Menendez joined the New Jersey Delegation in a letter to Trump, which reads in part:

“The State of New Jersey is already working around the clock to revitalize and expand hospital infrastructure, but it will need support from the federal government to be sufficiently prepared for the anticipated influx of severe COVID-19 cases,” New Jersey’s congressional delegation wrote in a letter to President Trump. “New Jersey has already mobilized its national guard to investigate how to increase hospital infrastructure. Furthermore, our state’s Health Commissioner has been working with hospitals in reopening closed hospital wings, and is reviewing if it is possible to restore a closed hospital. Support at the federal level will help our state to meet its needs and allow those who contract the coronavirus to receive lifesaving healthcare.”

Mental Health America (MHA) announced that 1,015 additional mental health screeners nationwide have screened with a severe anxiety result in the month since the coronavirus worry began to emerge. “We have been monitoring an overall increase in anxiety screening since the middle of February, when concerns about COVID-19 began to grow,” reported Paul Gionfriddo, president and CEO of MHA

In a ruling that blocks the Trump Administration’s stricter work requirements for certain recipients of the Supplemental Nutrition Assistance Program, or SNAP, Chief Judge Beryl A. Howell of the U.S. District Court for the District of Columbia ruled in favor of the attorneys general for 19 states, the District of Columbia, the City of New York, and 3 private plaintiffs, to temporarily block the finalized rule that would have gone into effect on April 1, and stripped benefits from an estimated 700,000 able-bodied adults without dependents, or ABAWDs.

Even without the ruling, the Family First legislation that was just passed to assist Americans during the Coronavirus crisis suspends this requirement temporarily.

To meet the needs of borrowers who may be impacted by the coronavirus, last week Fannie Mae and Freddie Mac (“the Enterprises”) reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” Federal Housing Finance Agency Director Mark Calabria said in a statement.

“As with any other event that negatively impacts a borrower’s ability to pay their monthly mortgage payment, FHA’s suite of loss mitigation options provides solutions that mortgagees should offer to distressed borrowers – including those that could be impacted by the Coronavirus – to help prevent them from going into foreclosure. These home retention options are located in FHA’s Single Family Housing Policy Handbook 4000.1 Section III.A.2,” FHA said in a statement

Oregon’s U.S. Senators Ron Wyden (D-OR) and Jeff Merkley (D-OR) have joined Senator Amy Klobuchar (D-MN), to introduce legislation that would ensure Americans are able to vote this year, despite disruptions caused by COVID-19. The bill would expand early in-person voting and no-excuse absentee vote-by-mail to all states, and allowing voters who did not receive an absentee ballot to use a printable ballot currently only provided for military and overseas voters. The legislation comes as five states have already postponed primaries in response to the pandemic.

Congress Should Protect, Not Expose, Taxpayers to Mortgage Giants’ Bailouts

By National Taxpayers Union




Washington, D.C. - December 13, 2017 - (The Ponder News) -- The House Financial Services Committee has had a productive year delivering real results to America’s taxpayers -- be it advancing the repeal and replacement of Dodd-Frank, reforming the broken National Flood Insurance Program, or replacing the DOL Fiduciary Rule with one that actually protects consumers rather than expands the bureaucracy. That’s why we are surprised to see legislation marked up in the Committee today that could, if it passes, end the year by missing the mark for taxpayers.

H.R. 4560, the “GSE Jumpstart Reauthorization Act” of 2017, has a catchy title, but in reality it would take a step backward for taxpayers by exposing them to the near-term prospect of a bailout for the Government-Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac. This bill essentially puts further pressure on the Federal Housing Finance Agency (FHFA) to continue paying the Net Worth Sweep, the ill-advised and risky policy of sending FHFA profits to the US Treasury. Should the Agency retain this profit for building a prudent capital cushion rather than sending it to the Treasury, Fannie and Freddie will be barred from making any contributions to the Housing Trust Fund.

Taxpayers -- and lawmakers -- have every reason to ask hard questions about financial accountability for the money being funneled into the Housing Trust Fund. Congressman Ed Royce introduced a bill in the previous Congress to strengthen the law that requires Fannie and Freddie to suspend housing trust fund payments if they would “cause the GSEs to be undercapitalized.” HR 4560, however, goes well beyond this approach by effectively blocking FHFA from taking interim steps to ensure the GSEs don’t have to tap Treasury resources to stay healthy.

Either way, the FHFA is stuck in a bad situation: the Net Worth Sweep leaves the Agency with less reserve capital to begin with, while the new bill would leave FHFA with fewer options to correct that situation.

Both scenarios increase the likelihood of a taxpayer-funded bailout, given warnings from FHFA that Fannie and Freddie are becoming seriously undercapitalized.

NTU has long advised Congress on the glaring threat Fannie and Freddie could pose to taxpayers, as well as the reckless practice of using the GSEs as ATMs. Rather than complicating and possibly impeding housing reform, NTU believes it is best to tackle all elements of reform at the beginning of 2018 when a complete, comprehensive package can be debated. Until then, all tools should be available, including those residing with the Executive Branch, to shield taxpayers from any potential liabilities from Fannie and Freddie. We strongly urge the Committee to bear in mind these critical taxpayer concerns instead of plowing ahead with unnecessary -- and potentially counterproductive -- legislation.


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Community Institution Mortgage Relief Act H.R. 3971 passed the House

By Claudia Tenney (R NY, 22nd)




Washington, D.C. - December 13, 2017 - (The Ponder News) -- Congresswoman Claudia Tenney (NY-22) announced that her bill, the Community Institution Mortgage Relief Act H.R. 3971 passed the House by a vote of 294-129. The bipartisan bill would rollback escrow regulations on small community financial institutions while providing relief from new regulations that have nearly doubled the cost of servicing loans, specifically for low-income borrowers. The bill would not prohibit community banks from providing escrow services if the institutions still desires to offer the service. The bill is cosponsored by Reps. Brad Sherman (D-CA), Rep. Roger Williams (R-TX), Rep. David Loebsack (D-IA) and Rep. Pete Sessions (R-TX).

“Costly escrow regulations have continued to harm community lending institutions. With smaller staffs and significantly less resources than larger financial institutions, community lending institutions are often unable to bear the costly burden of maintaining escrow accounts for their customers. Mandating that all institutions follow these escrow requirements raises the cost of credit for borrowers who can least afford it while harming small local institutions. In rural areas like the 22nd District, consumers and small businesses rely on relationship lending with local institutions. If these regulations continue, mortgage-lending services will be consolidated within larger institutions which will hurt our family farmers, small business and lower-income borrowers who depend on their existing relationships with these community intuitions to access capital,” said Congresswoman Claudia Tenney.

Tenney continued, “On average, America loses one community bank per day. The Community Institution Mortgage Relief Act works to reverse this problem by lowering the cost of credit for low-income borrowers and rolling back onerous escrow regulations that continue to drive community institutions out of the mortgage lending market. This bipartisan bill will ensure that small institutions can continue to lend to their communities. I’m grateful to Chairman Hensarling for his leadership in working to pass this important bill, and I look forward to continuing to work alongside the Financial Services Committee to roll back onerous regulations and get our economy moving again.”

Under current law, the Truth in Lending Act requires creditors to establish and hold escrow accounts on mortgage loans, a costly and burdensome requirement which small institutions are often unable to manage throughout the life of a loan. This regulation has hurt a number of smaller community lending institutions, forcing these institutions to sell off the loan to larger institutions or mortgage insurance companies that have the resources needed to manage escrow requirements.

Since 2006, more than 1,500 banks have failed, been acquired or merged due to economic factors and the overwhelmingly expensive regulation brought forth by the passage of the Dodd Frank Act. For the first time in over 125 years, there are fewer than 6,000 banks and roughly 6,000 credit unions serving all consumers in the United States. Additionally, a 2014 study by the Independent Community Bankers Association cited that regulatory burdens prevented 73 percent of banks from making residential mortgage loans.

The Community Institution Mortgage Relief Act will work to reverse this trend by exempting community institutions from this regulatory burden, ensuring small institutions can become active in residential mortgage lending once again.


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