Says urgent action needed to prevent foreclosures, keep people in their homes March 22^nd hearing will seek to hold regulators accountable

March 16, 2007

Addressing the Hispanic Leadership Institute Conference today, Senator Chris Dodd announced that he is taking action to correct the growing crisis of subprime mortgage lending which could cost millions of American families their homes and financial security.

March 15, 2007

“The sub-prime crisis is of grave concern to millions of Americans.  It has immediate and long-term implications for families, the housing industry, and America’s over-all economy.  It is a crisis that strikes at the very heart of the American Dream itself.

 

“As Chairman of the Senate Banking Committee, I will continue to approach this crisis in a thorough and aggressive manner.  The graveness of this situation merits a comprehensive approach.  America’s families don’t need rhetoric, they need results.

March 14, 2007

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today asserted his confidence in America’s capital markets and offered his thoughts on how to strengthen those markets when addressing the U.S. Chamber of Commerce at its Capital Markets Summit.  Chairman Dodd is considered an authority on financial and economic issues, having served on the Banking Committee for over 26 years, through the 1987 stock market crash, the Asian financial crisis, and the burst of the internet bubble.

March 13, 2007

“Due to predatory lenders and regulatory failures, large numbers of American homeowners are facing the terrible prospect of foreclosure and the loss of their homes.  The Federal government has a dual obligation both to protect consumers from abusive lending practices going forward and to work to ensure that Americans who have been victimized by abusive products and practices are able to keep their homes and with them, their piece of the American dream.  I am considering a number of options, including legislation, to accomplish both of these objectives.”

March 13, 2007

March 9, 2007

David, thank you for that kind introduction. I would use up all of my time if I reminded everyone of all your accomplishments, from founding this great organization, to helping write the Community Services Block Grant (CSBG). Suffice it to say that in the many years I’ve known you, your work has never failed to inspire me.

February 28, 2007

Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing and Urban Affairs, today sent a letter to 256 mayors across the country, informing them of the Committee’s work on predatory lending practices occurring in the subprime mortgage market, and urging them to respond to the issue on a local level.  Chairman Dodd held a hearing on predatory lending practices on February 7, and also raised the issue with Fed Chairman Ben Bernanke when he testified before the Committee on February 14.

First Step in Protecting Americans from Predatory Practices that Inhibit Home Ownership

 February 27, 2007

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today commended a major participant in the mortgage lending industry on its decision to toughen its standards on subprime lending.  In his continuing effort to bring economic security, prosperity, and opportunity to all Americans, Chairman Dodd has been raising awareness of predatory lending practices in the subprime mortgage market and urging regulators to apply the same guidelines to the subprime market that the prime market receives.  Such guidelines would help protect vulnerable borrowers from mortgages they cannot afford, and in doing so may help curb the rising foreclosure rates and defaults on home loans occurring across the country.  Chairman Dodd sent a letter to the regulators on December 7, held a hearing on predatory lending practices on February 7, and also raised the issue with Fed Chairman Ben Bernanke when he testified before the Committee on February 14.  

February 7, 2007

Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee and a longtime advocate for affordable housing and home ownership, today convened a hearing on predatory lending practices in the mortgage market.

 

October 25, 2006

WASHINGTON- Senators Chris Dodd (D-CT) and Joe Lieberman (D-CT) announced today the allocation of $33,208,785 in funding from the U.S. Department of Housing and Urban Development (HUD) for new housing initiatives in the State of Connecticut.  The money is being awarded through the Community Development Block Grants (CDBG), the Emergency Shelter Grant (ESG), HOME, Housing Opportunities for Persons with AIDS (HOPWA), and the American Dream Downpayment Initiative (ADDI) to help some of Connecticut’s neediest residents.