Senator Chris Dodd (D-CT) and Congressman John B. Larson (CT-01) announced today that the City of Hartford will get a huge boost in the downtown development of the Front Street Project.  The Department of Housing and Urban Development will award a $2 million Brownfields Economic Development Initiative (BEDI) Grant and a $5 million Section 108 Loan for construction and clean up at the Adriaen’s Landing Project site.

“The passage of this bipartisan measure sends a clear signal to Americans – and the White House – that Congress is committed to helping people keep their homes and stabilize the markets.  I am working with my colleagues in the Senate Banking Committee to pass bipartisan legislation to reduce foreclosures and restore liquidity to the mortgage market.” 

“This morning the President finally declared where he stands on the housing and economic crisis that is spreading throughout our country and affecting tens of millions of Americans. And he is not on the side of those Americans. Flanked by Congressional leaders of his own party, he threatened to veto comprehensive legislation to address that crisis that has bipartisan support. Clearly he doesn’t seem to be heeding the advice of his own former Chief Economist and current Fed Chairman Ben Bernanke, or his own appointed bank regulators, such as the Chair of the FDIC and the Director of the Office of Thrift Supervision, all of whom have spoken out in favor of similar proposals.  I continue to work in the Senate to find bipartisan agreement on effective solutions to the foreclosure crisis that is causing hardship and disruption for American homeowners and businesses.” 

Forty years ago, seven days after the assassination of Dr. Martin Luther King, President Lyndon Johnson signed the Fair Housing Act of 1968 ("Civil Rights Act"). The Fair Housing Act of 1968 prohibits discrimination against any person because of race, color, religion, sex, handicap, familial status, or national origin. After the act, neighborhoods could no longer be designated 'whites only' and restrictive racial covenants were outlawed. All Americans were given equal rights to the sale, rent, lease, and finance of their home in all housing markets. Senate Democrats are committed to safeguarding those rights. Senator Richard Durbin said, "If we're really going to strive for the kind of opportunity which is the hallmark of America, we really have to talk about economic opportunity. That means making certain that people have an opportunity for a job that gives them a chance to raise their family and a decent place to live in a safe neighborhood. That's why the Fair Housing Act is so important."

“Our top priority right now should be helping people keep their homes, and this is another step in the right direction.  I commend Chairman Frank for his perseverance and dedication to addressing the foreclosure crisis that is spreading through our neighborhoods, communities, and markets.  I am committed to working on bipartisan legislation with my colleagues in the Senate Banking Committee to reduce foreclosures and restore liquidity to the mortgage market.” 

Senator Chris Dodd (D-CT) today met with Norwich officials, including the Mayor Ben Lathrop, City Manager Alan Bergren, Human Services Officer Beverly Goulet, Emergency Management Officer Gene Arters, Fire Chief Ken Scandariato, and Police Chief Louis Fusaro, to receive a briefing on this weekend’s fire at the 120-unit Peachtree Garden Apartments complex on Westledge Drive. Dodd expressed to city officials that his staff will be available to help the city and the victims cope with this disaster.   

“As our nation faces the biggest housing crisis in recent history, we need a strong leader at the Department of Housing and Urban Development who is dedicated to helping people keep their homes, restoring stability and confidence in the mortgage market, and creating more affordable housing opportunities.  These priorities call for a leader with expertise in housing issues, yet the President’s choice has no apparent housing background, which raises questions.  Nevertheless, I look forward to learning more about Mr. Preston and his qualifications for this important job at this trying time in our nation’s economy.”  

Good morning.  Today, the Senate Committee on Banking, Housing and Urban Affairs is meeting to hold its second hearing on the “HOPE for Homeowners Act” and other plans to address the historic levels of foreclosures the American people are experiencing. 

“There is a growing chorus among housing experts, economists, and Democratic and Republican policymakers that more must be done to help people keep their homes and bring an end to the foreclosure crisis currently gripping our country and our economy.  Most recently, Senator McCain introduced a policy echoing an idea that I proposed several weeks ago – to create a temporary, voluntary program within FHA to help distressed borrowers refinance their mortgages. In addition to Senator McCain, Chairman Ben Bernanke of the Fed, Sheila Bair of the FDIC, and John Reich of the OTS have all voiced their support for the concept behind my ‘HOPE for Homeowners’ plan. Even the White House has embraced the same philosophy of using the FHA to provide assistance to borrowers.  While the devil is in the details, I am encouraged that there is enough common ground to work together on finalizing this proposal.  I look forward to holding a second hearing on ‘HOPE for Homeowners’ next week.”

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Remarks as Prepared: Good morning.  Today, the Senate Committee on Banking, Housing and Urban Affairs is meeting to hold a hearing entitled “Turmoil in the U.S. Credit Markets: Examining Proposals to Mitigate Foreclosures and Restore Liquidity to the Mortgage Markets.”  Last week, we had an excellent hearing to look at one result of the turmoil we are experiencing in the capital markets – the decision of the federal government to commit $29 billion in taxpayer money to rescue Bear Stearns.  Today, we are focusing more on the other end of the spectrum – the impact of the crisis on homeowners.