“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.” 

“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.” 

“As a result of Chairman Bair’s leadership, the FDIC has been at the forefront of addressing the mortgage crisis.  It comes as no surprise, then, that she has put forward a constructive proposal that is worthy of Congress’ serious consideration. I look forward to further reviewing the details of the plan.”

“The Federal Reserve Board’s decision illustrates their commitment to using the tools available to them to help provide growth and liquidity to our economy.  But the Fed cannot go it alone – trying to fix these economic problems solely with rate cuts is like trying to follow a recipe with only some of the ingredients.  The Administration should be equally aggressive in responding to the trouble in the mortgage markets – which is the heart of the overall economic crisis.  If they are questioning the need for action, they need to look no further than this morning’s economic data, which indicated that the economy is struggling and the recession in the housing market is continuing, while other data shows that consumer confidence is at historic lows.  That is why I am working on legislation, the HOPE for Homeowners proposal, to provide real assistance to distressed homeowners, help stabilize our markets, and restore the flow of credit.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today introduced comprehensive legislation to improve credit card billing, marketing, and disclosure practices.  The Credit Card Accountability, Responsibility and Disclosure Act (the C.A.R.D. Act) is aimed at stopping credit card practices that drag consumers into staggering amounts of debt, and too often harm, rather than help, the ability of American families to move up the economic ladder. 

“The Administration’s letter is disappointing.  While it rightly supports proposals by my colleagues to authorize the Department of Education to take steps to prevent a significant disruption from occurring in the student loan market, the letter fails to respond to questions posed by members of the Senate Banking Committee as to what actions the Treasury Department is willing to take to prevent that crisis from occurring.  Perhaps most troubling, the letter offers a one-sentence rejection of the notion that the Treasury Department has the authority to utilize the Federal Financing Bank to provide liquidity directly to the loan market.  This response is inconsistent with the views of industry experts who recently testified before the Committee and the legal opinion of others who have studied this matter.  Instead of taking bold, decisive action to prevent today’s concern from turning into tomorrow’s crisis, the Administration instead has done less than it could, and should, do to ensure that every student has options to finance a higher education.”

“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.”  

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with other members of the Committee, today sent letters to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke urging each to take action to ensure that lenders are able to continue providing educational loans to students and their families. Millions of American students are receiving acceptance letters from colleges and universities this month, and are working with schools and their families to explore and secure financing options, including federal and private student loans.  But in recent months, more than 50 lenders of federally-guaranteed loans and nearly 20 private student loan issuers have indicated that they intend to suspend their lending activities, raising the question about the availability of educational loans for students enrolling in school this fall.  Dodd held a hearing on the issue on Tuesday.

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.