February 18, 2009


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 Administration’s “Homeowner Affordability and Stability Plan”:
“Only a few short weeks after assuming office, President Obama has outlined a serious plan to address the root cause of our economic crisis – the foreclosure crisis – which is urgently needed after months of empty rhetoric from the Bush Administration.  In my home state of Connecticut, another 1,700 families filed for foreclosure last month.  The Obama Administration’s plan includes the type of bold and aggressive steps that are needed to help homeowners in Connecticut and across the country keep their homes.  The plan includes carrots, such as incentives for lenders to provide long-term, affordable loans to borrowers, as well as an important stick – bankruptcy reform.   The Obama Administration gets it – foreclosure prevention not only provides relief to middle class families struggling to make ends meet, but also is critical to getting our economy back on track.”