September 18, 2007

“Americans have seen their financial security badly shaken by recent economic turmoil in the housing markets.  Far too many have lost their homes, causing tremendous hardship for them, and increasing a sense of uncertainty in our financial markets.   My hope is that today’s decision and statement by the Fed can help provide stability in our economy.  During my meeting last month with the Fed Chairman and Treasury Secretary Paulson, Chairman Bernanke assured me that he’ll use every tool at his disposal to act to keep our markets working and for businesses and consumers to have the funds necessary for them to prosper.   It is vital that we remain vigilant in addressing this crisis.”

September 18, 2007

“Secretary Paulson’s comments in France about the wave of foreclosures that are expected to sweep through our country are disappointing, to put it mildly.  More than two million Americans are in very real danger of losing the homes they have worked so hard to buy due to what Secretary Paulson himself has referred to as ‘bad lending practices.’ Those practices must end and this administration must act instead of continuing to sit on their hands and do nothing while thousands of Americans face foreclosure.   In fact, tomorrow the Banking Committee will consider my proposal to modernize the FHA so homeowners facing foreclosure can find safe, affordable home loans.  Instead of minimizing the magnitude of the problems facing home owners, I hope Secretary Paulson will join those of us who are working to strengthen our economy and preserve the American dream of homeownership.”

September 12, 2007

Senator Chris Dodd, D-Conn., Chairman of the Senate Banking Committee, and Senator Kit Bond, R-Mo., successfully won Senate approval for a measure to help provide $100 million to help homeowners facing foreclosure to remain in their homes. 

 

 “Homeowners are being battered by the rising tide of foreclosures,” said Dodd.  “This measure can act as a lifeline to help keep them in their homes.”

September 7, 2007

“First and foremost, let me express my condolences to the Countrywide employees and their families who will be affected by this lay-off.  It is my sincere hope that their hardship will be lessened by their employer in any way possible.  Countrywide’s announcement serves to underscore the need for swift and decisive action to strengthen our economy and rekindle the American dream of homeownership and opportunity.  As I have said time and time again, this requires quick action by the regulators, modernization of the FHA program, and legislation to reform the unfair and unscrupulous lending practices that have put so many Americans in danger of losing their homes. 

September 7, 2007

“These numbers aren’t just statistics – they represent real families facing real economic hardship.  Today’s announcement by the Labor Department that U.S. employment fell for the first time in four years is cause for deep concern and it is further proof that the economic policies of the Bush Administration are failing America’s working families.  Most troubling is that the data, specifically the construction job loss numbers, suggest that the subprime mortgage market troubles may be spreading to the broader U.S. economy despite statements by Administration officials that the crisis in the credit and mortgage markets is “contained.” 

September 6, 2007

“Today, data released by the Mortgage Bankers Association shows that foreclosures have, for the second quarter in a row, hit historic highs.  Unfortunately, today’s information, as heartbreaking as it is for the nearly 290,000 additional American families that face the loss of their homes, is just the leading edge of a tidal wave of foreclosures that is expected to sweep through the communities and neighborhoods of our country in the coming 18 months, when more than 2 million families with subprime loans face the prospect of seeing their home payments jump to unaffordable levels.

Dodd’s bill will reform subprime lending practices, strengthen borrower protections, restore confidence in markets

September 5, 2007

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced his intention to introduce legislation to reform mortgage lending practices that have created problems for homeowners and investors in the subprime market. 

September 04, 2007

“Today’s statement by the financial regulators comes very late and only underscores the failure of this Administration over a period of years to protect homeowners from predatory lending practices.  In fact, several months ago, I convened a homeownership preservation summit, at which lenders, servicers, and Fannie Mae and Freddie Mac agreed to take affirmative steps to prevent foreclosures and preserve homeownership. 

Sends Letter Urging Them to Help Save American Homeowners in Danger of Foreclosure

August 23, 2007

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Treasury Secretary Henry Paulson and Department of Housing and Urban Development (HUD) Secretary Alphonso Jackson urging them to take the necessary steps to enable the Federal Housing Administration (FHA) to provide more affordable loans to American homeowners in danger of foreclosure due to bad lending practices.  This letter comes two days after Chairman Dodd convened a meeting with Fed Chairman Bernanke and Secretary Paulson to discuss solutions to the ongoing turmoil in financial markets. 

August 21, 2007

Today, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, met with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson.  The meeting, which took place in the Senator’s Washington office, focused on the recent turmoil in the financial markets. Dodd, Bernanke, and Paulson also discussed the broader implications for the U.S. economy and ways to help homeowners nationwide.