May 27, 2008


WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on news that home values declined 14.1% in the first quarter since last year:
 “This data underscores the magnitude of the crisis occurring in the housing market, which is the root of our economic problems.  As home values plummet, families are struggling to make timely payments on mortgages that cost more than the homes they live in. Too often, these homeowners are forced into foreclosure as a result.  We need solutions to help people keep their homes and stabilize the market.  The Senate Banking Committee has made significant progress by passing bipartisan legislation that will create a voluntary initiative to help distressed borrowers refinance their mortgages, and will reform the GSEs to help bring strength, stability, and affordability to the housing market.  I am working to send this legislation to the President’s desk as quickly as possible.”