October 30, 2007

Statement of Chairman Dodd on Falling Home Prices

Washington, D.C. – Senator Dodd (D-CT), Chairman of the Senate Banking Committee, reacted to today’s S&P/Case-Shiller index reports on American housing prices. “Today’s dismal housing numbers underscore the need for lenders and servicers to quickly begin the process of loan modifications in a systematic, rules-based way for the millions of homeowners threatened with foreclosures. First and foremost, people’s homes, and their hopes, can be saved by immediately undertaking this process. In addition, this process can help prevent hundreds of thousands of foreclosed homes from coming onto an already glutted market, lowering home prices even further, and robbing families of their hard-earned home equity.”