February 12, 2008


WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the plan announced by six lenders and the Administration to give homeowners facing foreclosure a 30 day delay to work out their mortgages with lenders: “The industry and the Administration are running to catch up as fast as they can to a problem that is getting broader and deeper by the day, but they seem to be falling further and further behind. This plan, while a step in the right direction, will not stem the tide of the millions of foreclosures we are facing in the coming months. “We need bold ideas to address these problems, whether it is along the lines of the Homeownership Preservation Corporation I've suggested, or whether we can use existing entities like the Federal Housing Authority or Government Sponsored Enterprises such as Fannie and Freddie to get to the same goal. Regardless, it's clear we need to move faster and more aggressively to combat this problem and keep Americans in their homes.”