October 16, 2007

Statement of Chairman Dodd on Today’s Remarks by Treasury Secretary Paulson

Washington, D.C – Senator Chris Dodd (D-CT) today reacted to Treasury Secretary Henry Paulson’s proposals to address the mortgage crisis.

“For months, I have been working to bring about loan modifications and other changes to keep families in their homes. Therefore I welcome Secretary Paulson’s call today for a set of standards for servicers to follow so that the modification pipeline, which has been all but completely blocked, can be opened. It’s now imperative to work with the Treasury Department, homeowners, servicers, and others to preserve the homes of millions of subprime borrowers, many of whom were victimized by predatory lending.”