Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on news that home values declined 14.1% in the first quarter since last year:

“This data underscores the magnitude of the crisis occurring in the housing market, which is the root of our economic problems.  As home values plummet, families are struggling to make timely payments on mortgages that cost more than the homes they live in. Too often, these homeowners are forced into foreclosure as a result.  We need solutions to help people keep their homes and stabilize the market.  The Senate Banking Committee has made significant progress by passing bipartisan legislation that will create a voluntary initiative to help distressed borrowers refinance their mortgages, and will reform the GSEs to help bring strength, stability, and affordability to the housing market.  I am working to send this legislation to the President’s desk as quickly as possible.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, tomorrow will hold a hearing on the nomination of the Honorable Steven C. Preston to be Secretary of the U.S. Department of Housing and Urban Development (HUD).  Preston currently serves as Administrator of the U.S. Small Business Administration.  Earlier this year, Dodd called for former HUD Secretary Alphonso Jackson’s resignation after he failed to adequately address questions from Banking Committee members about allegations of impropriety. Jackson resigned on March 31^st.

Senator Chris Dodd (D-CT) and Senator Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that the Committee passed “The Federal Housing Finance Regulatory Reform Act of 2008,” legislation which includes major efforts to help prevent the rising number of foreclosures, to create more affordable housing for Americans, and to reform the regulation of the government-sponsored enterprises (GSEs) in order to improve their role in the housing finance system.  The legislation passed by a vote of 19-2.  A summary of the Manager’s Amendment is attached.

Senator Chris Dodd (D-CT) today accepted the 2008 Good Apple Award, which was presented to him by Connecticut Appleseed for his work in Congress to develop solutions to social problems facing the state.  As a senior member of the Senate Committee on Health, Education, Labor, and Pensions, and the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Senator Dodd has worked to improve the lives of children and hardworking families in Connecticut and across the nation, and is committed to restoring the American dream of homeownership. 

Senator Chris Dodd (D-CT) and Senator Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today announced they have reached an agreement on legislation that the Committee will consider tomorrow, “The Federal Housing Finance Regulatory Reform Act of 2008,” which includes major efforts to help prevent the rising number of foreclosures, to create more affordable housing for Americans, and to reform the regulation of the government-sponsored enterprises (GSEs) in order to improve their role in the housing finance system.