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Senator Bond Discusses SAFE Act in Springfield

Senator Kit Bond was in Springfield as part of his five city tour to discuss his proposal to assist families facing foreclosure on their homes.

He met with city representatives and local residents to discuss the Security Against Foreclosure Act of 2008 also know as SAFE.

KSMU's Erika Brame was there and files this report.

According to Senator Kit Bond there will be 1,000 foreclosures in the Greene county area by 2009.

He says that is too many and now is the time to act.

"We want to move now. We want to help them before we reach that number. We want to stop that decline, to stop families being thrown out of their homes, to stop neighborhoods from being devastated by foreclosure. A neighborhood with a whole bunch of homes in foreclosure brings the property values down."

Bond says he wants homeowners to be able to access financial guidance prior to foreclosure.

He says the way to provide that access is through the SAFE Act.

The SAFE Act would provide $10 billion in bonds for refinancing of subprime homes through state housing financial agencies.

SAFE also includes a $15,000 tax credit for people buying homes facing foreclosure.

Included in the act is an appropriation of $180 million for loan counseling to help buyers know what exactly they will being paying for.

Plus military members returning home from over seas would be protected for 6 months from possible foreclosure.

Bond says those facing foreclosure should seek help before it is too late.

"Get counseling now. Counseling organizations are set up; the community partnership, community counseling, these agencies and the United Neighborhood Alliance are working with barrowers and lenders, to try to help them out of that situation."

The Financial Housing Association is working with homeowners heading into foreclosure.

You can contact them for help by calling 1-800-CALL-FHA.

For KSMU News I'm Erika Brame.