Enact federal legislation that would require lenders to defer at least one mortgage payment a year.

It is well known that the mortgage lending industry plays a very significant role in the nations economy. A large number of home foreclosures are a result of a homeowner who has been faced by a sudden but temporary financial hardship which causes the homeowner to fall a payment or two behind. With the penalties and fees assessed on late payments, a homeowners ability to catch up may become overbearing causing the loan to default all together. Mortgage lenders in general will not allow a payment to be deferred to the end of the loan term. If lenders allowed homeowners to defer at least one mortgage payment a year, many foreclosures could be prevented, and this would aid the homeowner in getting back on track.