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.

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."