“Our top priority right now should be helping people keep their homes, and this is another step in the right direction.  I commend Chairman Frank for his perseverance and dedication to addressing the foreclosure crisis that is spreading through our neighborhoods, communities, and markets.  I am committed to working on bipartisan legislation with my colleagues in the Senate Banking Committee to reduce foreclosures and restore liquidity to the mortgage market.” 

Senator Chris Dodd (D-CT) today met with Norwich officials, including the Mayor Ben Lathrop, City Manager Alan Bergren, Human Services Officer Beverly Goulet, Emergency Management Officer Gene Arters, Fire Chief Ken Scandariato, and Police Chief Louis Fusaro, to receive a briefing on this weekend’s fire at the 120-unit Peachtree Garden Apartments complex on Westledge Drive. Dodd expressed to city officials that his staff will be available to help the city and the victims cope with this disaster.   

“As our nation faces the biggest housing crisis in recent history, we need a strong leader at the Department of Housing and Urban Development who is dedicated to helping people keep their homes, restoring stability and confidence in the mortgage market, and creating more affordable housing opportunities.  These priorities call for a leader with expertise in housing issues, yet the President’s choice has no apparent housing background, which raises questions.  Nevertheless, I look forward to learning more about Mr. Preston and his qualifications for this important job at this trying time in our nation’s economy.”  

Good morning.  Today, the Senate Committee on Banking, Housing and Urban Affairs is meeting to hold its second hearing on the “HOPE for Homeowners Act” and other plans to address the historic levels of foreclosures the American people are experiencing. 

“There is a growing chorus among housing experts, economists, and Democratic and Republican policymakers that more must be done to help people keep their homes and bring an end to the foreclosure crisis currently gripping our country and our economy.  Most recently, Senator McCain introduced a policy echoing an idea that I proposed several weeks ago – to create a temporary, voluntary program within FHA to help distressed borrowers refinance their mortgages. In addition to Senator McCain, Chairman Ben Bernanke of the Fed, Sheila Bair of the FDIC, and John Reich of the OTS have all voiced their support for the concept behind my ‘HOPE for Homeowners’ plan. Even the White House has embraced the same philosophy of using the FHA to provide assistance to borrowers.  While the devil is in the details, I am encouraged that there is enough common ground to work together on finalizing this proposal.  I look forward to holding a second hearing on ‘HOPE for Homeowners’ next week.”

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Remarks as Prepared: Good morning.  Today, the Senate Committee on Banking, Housing and Urban Affairs is meeting to hold a hearing entitled “Turmoil in the U.S. Credit Markets: Examining Proposals to Mitigate Foreclosures and Restore Liquidity to the Mortgage Markets.”  Last week, we had an excellent hearing to look at one result of the turmoil we are experiencing in the capital markets – the decision of the federal government to commit $29 billion in taxpayer money to rescue Bear Stearns.  Today, we are focusing more on the other end of the spectrum – the impact of the crisis on homeowners.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in response to testimony from regulators and Administration officials before the House Financial Services Committee:

“Much of what the regulators said today underscores what we have known now for months – that action must be taken to help people keep their homes.  In fact, it was inaction and delayed response – mostly on behalf of the Administration – that got us into this situation in the first place.

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Remarks as Prepared: Today, this Committee will carefully consider recent actions taken by our federal financial regulators in response to the ongoing turmoil in our markets and our economy.  Much of our focus today will center on a period of 96 hours—mostly over the weekend of March 15^th and 16^th.  During this momentous 4-day period, the Federal Reserve, the Federal Reserve Bank of New York and the Treasury Department took dramatic and unprecedented action to stabilize our markets, to infuse them with liquidity and to prevent additional financial firms from being swept under the riptide of panic that threatened to have taken hold of our markets.

Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today announced that they have developed a bipartisan agreement to help address the nation’s housing crisis.  The legislation contains important provisions to provide counseling to Americans facing foreclosure; help local communities deal with properties in their neighborhoods that have been abandoned or foreclosed upon; and reform the Federal Housing Administration so that more Americans have access to affordable, safe, government-backed loans, among other measures.

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Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today spoke on the Senate floor on the housing crisis, the housing stimulus package proposed by Majority Leader Harry Reid (D-NV), and his efforts as Chairman to curb the unprecedented wave of foreclosures in order to help Americans keep their homes.