Washington, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the Federal Reserve Board’s establishment of a foreclosure prevention program.  Chairman Dodd wrote a provision into the financial rescue law that directs agencies such as the Fed and the Federal Deposit Insurance Corporation (FDIC) to establish such programs:

“I welcome the Federal Reserve Board’s decision to finally implement a homeownership preservation program, as we require in the Emergency Economic Stabilization Act.  This is an important advance, and I hope to work with the Board to strengthen the program.  I also urge the Board to work with consumer advocates to develop the most effective program possible.  I hope that under Secretary Geithner’s leadership, the Treasury Department will soon join the Fed and the FDIC in their efforts to end the rising number of foreclosures sweeping across our nation.”

 

-30-