Until recently, probably few Americans understood the scope of our country's economic problems. While increasing foreclosure rates and the rising price of food and fuel certainly made headlines, only a handful of people actually knew how bad the problem was — and how much worse it could get. Some did see this crisis coming and sounded the alarms. Sen. Christopher Dodd, who has worked with the Connecticut Housing Coalition for years on the issues of homeownership, foreclosure prevention and community development, was one of the first politicians to recognize this growing problem. Now, he is being unfairly accused of sitting on the sidelines as this crisis unfolded.

What critics seem to forget is that years before Sen. Dodd became chairman of the Senate Committee on Banking, Housing and Urban Affairs in 2007, he was warning that abusive and predatory lending practices could have devastating effects on the economy. During his first year as chairman, he held hearings on this issue that unveiled a pattern of regulatory neglect and mismanagement. Dodd brought together leaders of mortgage lending institutions, federal officials and consumer and housing advocates to encourage them to develop solutions to the subprime mortgage crisis. Participants committed to a set of principles that urged lenders to make loans only to borrowers who could afford to repay them. He pressed Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben Bernanke, who assured him that the crisis was "contained" and the worst was behind us. They couldn't have been more wrong.Housing advocates see firsthand the devastating effects that foreclosures can have on families and communities. Sen. Dodd has worked with us to make sure we have the resources we need to educate and help homeowners. In late 2007, he secured $180 million for foreclosure prevention efforts nationwide. This money went to counselors to help homeowners modify or refinance their mortgages. He also introduced a landmark predatory lending bill to crack down on the bad lending practices that got us into this situation.

Despite Sen. Dodd's hard work, problems that began years ago have worsened. What began as a crisis in the housing markets spilled into our overall economy.

Earlier this year, Sen. Dodd wrote a plan to address the root cause of our economic troubles. The Hope for Homeowners Act helps homeowners convert mortgages, which they often were lured into by predatory lenders, into loans they are able to afford.

It encourages lenders to provide homeowners with more manageable mortgages, taking into account their ability to repay the loan. With homeowners in mortgages with much more reasonable terms, most will be able to stave off foreclosure and stay in their homes.

After repeated veto threats, Sen. Dodd's plan won bipartisan support in Congress and was signed into law by President Bush. It went into effect Oct. 1, and as the lenders and homeowners take advantage of this opportunity, it will go a long way toward turning our economy around.

When the administration sent over its proposal to rescue Wall Street, Sen. Dodd stood up for families who are struggling, successfully fighting to make more homeowners eligible for the Hope for Homeowners program. Because of his leadership, we will have a bill that looks out for average folks as much as it does for Wall Street financiers.

You might not agree with Sen. Dodd on every issue, but the record is clear. We didn't get to where we are because Chris Dodd failed to speak up. We got here because more people weren't listening.

--Jeffrey Freiser is executive director of the Connecticut Housing Coalition in Wethersfield.