Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Fannie Mae’s decision to allow renters to remain in properties that have been foreclosed on by the mortgage company.  The decision comes just weeks after Dodd urged James Lockhart, the director of the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac, not to evict tenants who pay their rent on time but are living in foreclosed properties.  Dodd sent a letter to Lockhart after Connecticut residents tried to fight eviction by using a provision that Dodd wrote into the recently-enacted financial rescue law.

“I commend President-Elect Obama's nomination of Shaun Donovan to be Secretary of Housing and Urban Development.  I believe that Congress as well as the housing community will welcome this choice, and that Mr. Donovan's background prepares him to address the extremely difficult challenges our country faces in helping Americans find affordable housing.  I look forward to having Mr. Donovan before the Banking Committee at the earliest opportunity.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement after the Senate confirmed Neil M. Barofsky to be Special Inspector General for the Troubled Asset Relief Program.  The confirmation passed by unanimous consent last night.  Under Chairman Dodd’s leadership, the Banking Committee has been vigilant in its oversight of the Emergency Economic Stabilization Act, having held three hearings and coordinated frequent briefings since the passage of the law.

On Monday, Roll Call published the following op-ed by Senator Chris Dodd (D-CT). Senator Dodd is the Chairman of the Senate Banking, Housing, and Urban Affairs Committee.

On election night, President-elect Barack Obama said, “This is a defining moment in our history.” If that is so — and I believe it is — then putting our country back on a sound economic footing is our defining challenge. Our economic crisis is the center of gravity to which all our other problems are being pulled.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, welcomed new federal funding for Connecticut organizations that provide counseling and legal assistance to families facing the threat of foreclosure.  The grants, which were announced today by NeighborWorks America, will provide $681,230 to the Connecticut Housing Finance Authority and $202,536 to the Neighborhood Housing Services of New Haven.  Several national organizations with offices in Connecticut will also receive large grants. 

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after receiving a report from the Government Accountability Office (GAO) on the Treasury Department’s implementation of the Troubled Asset Relief Program.  Dodd incorporated the GAO reporting requirement in the financial rescue package in order to ensure adequate oversight of the law.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after the Bush Administration announced a plan to provide assistance to Citigroup:

“Our financial system is facing unprecedented challenges.  More than a million Americans have lost their jobs this year alone, millions of homeowners are facing foreclosure, and hundreds of billions of dollars in retirement savings and investments have evaporated.  Significant steps must be taken to stabilize our markets and get credit flowing again.  In that context, I understand the actions taken by the Administration with regard to Citigroup.  I look forward to reviewing the details of the plan.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President-Elect Obama announced several nominations for his economic team and outlined an economic recovery plan:

“I commend President-Elect Obama for announcing his economic team and for outlining a strong proposal for economic recovery.  These actions demonstrate that he is moving quickly and responsibly to address our nation’s economic crisis.  I look forward to considering these nominations swiftly and deliberately in the Banking Committee, and will work with my colleagues to ensure that these and other nominees are reviewed without delay.”

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced that the Committee will hold a hearing next week on Neil M. Barofsky, President Bush’s intended nominee to be the Special Inspector General for the Troubled Asset Relief Program. This position was designed to conduct, supervise, and coordinate audits and investigations of the purchase, management and sale of assets under the Troubled Asset Relief Program.

Remarks as Prepared: Today, the Committee continues its oversight of the implementation of the Emergency Economic Stabilization Act of 2008, known as “EESA.”