April 02, 2008


WASHINGTON, DC -- 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. "Senator Shelby and I have worked diligently over the past 24 hours to develop legislation that will help provide solutions to the housing crisis which is forcing millions of homeowners into foreclosure, freezing up the liquidity in our markets, and causing a tightening of credit," said Dodd. "The package that we agreed to is not perfect, nor will it solve all of the problems that the economy and American homeowners are facing today. But it is an important step, and sends a strong message to the American people that Congress is willing to put aside our partisan differences and come together to tackle the challenges at hand. I hope that Democrats and Republicans alike will agree that this measure provides some much-needed relief for homeowners and communities, and vote for its passage." A detailed summary of the legislation is attached. Click here for detailed summary of legislation .