Majority Press Releases
DODD STATEMENT ON OFHEO ANNOUNCEMENT REGARDING CAPITAL REQUIREMENTS FOR GSE’S
“This is a balanced agreement because it allows Freddie Mac and Fannie Mae to play an immediate role in restoring liquidity and confidence to the mortgage markets, while ensuring they will be able to sustain the effort in the longer run by requiring them to raise additional capital. I expect the two companies to use the capital not only to help the markets generally, but also to help subprime borrowers in a much more focused manner.”… Continue Reading
March 18, 2008
DODD STATEMENT ON FED RATE CUT
“The Fed’s decision today further illustrates their commitment to using all their available monetary policy tools to provide liquidity to our markets. But the Fed is running out of pages in its playbook to address the growing crisis of credit and confidence that has taken hold of our financial markets and threatens to undermine our nation’s economy. The Administration and Treasury should be equally aggressive in fashioning a non-monetary response that gets to the heart of this crisis - the mort… Continue Reading
March 17, 2008
DODD STATEMENT ON MARKETS, FED ACTION
“The Federal Reserve Bank’s latest action underscores the magnitude of the crisis facing our mortgage and credit markets. While the Federal Reserve has acted boldly, the agency is rapidly exhausting the weapons in its arsenal. For its part, the Administration has offered only timid measures that have done little to help families keep their homes or restore confidence to financial markets. It is time for the Administration to embrace a more comprehensive, bold, and effective approach that goes… Continue Reading
March 14, 2008
DODD STATEMENT ON JP MORGAN, NY FED MOVE TO HELP BEAR STEARNS
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on reports that JP Morgan Chase and the New York Federal Reserve Bank will help Bear Stearns meet its financial obligations: “This morning’s announcement of steps taken by the New York Fed to assist one of America’s largest investment banks is yet the latest example of the challenges facing our economy, our markets, and hard-working American… Continue Reading
March 13, 2008
DODD ANNOUNCES “HOPE FOR HOMEOWNERS ACT”
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced his intention to introduce legislation that will create a new program within the Federal Housing Administration (FHA) to provide aid to distressed borrowers currently trapped in mortgages they cannot afford. Under the “HOPE for Homeowners Act of 2008," new mortgages that are offered by FHA-approved lenders will refinance abusive loans at a significant discount for… Continue Reading
March 13, 2008
DODD ASKS FOR ANSWERS FROM HUD SECRETARY JACKSON ON ALLEGATIONS OF IMPROPRIETY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, yesterday voiced his deep concerns about allegations that Alphonso Jackson, Secretary of the Department of Housing and Urban Development (HUD), has acted improperly in granting federal contracts. After raising the issue with Secretary Jackson at a HUD oversight hearing, the Chairman outlined his concerns and questions in a letter sent yesterday. “The Banking Committee takes se… Continue Reading
March 13, 2008
Dodd and Frank to Hold Media Availability to Discuss Mortgage Foreclosures
Washington, DC - Congressman Barney Frank, chairman of the House Committee on Financial Services and Senator Christopher Dodd, Chairman of the Senate Banking Committee, will hold a press conference today to discuss the rising number of foreclosures. WHO: Congressman Barney Frank, Chairman, House Financial Services Committee Senator Christopher Dodd, Chairman, Senate Banking, Housing and Urban Affairs Committee WHAT: Press Conference to Discuss… Continue Reading
March 11, 2008
STATEMENT OF SENATOR DODD ON FED LIQUIDITY ANNOUNCEMENT
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 announcement by the Federal Reserve to expand its securities lending program in order to offer additional liquidity to the markets: “Last week, I publicly asked the Federal Reserve whether it should consider additional measures to address the liquidity lock-down that has spread through our credit markets. Today’s announcement by the … Continue Reading
March 6, 2008
DODD: FORECLOSURE DATA DEEPLY DISTURBING
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today released the following statement on data released by the Mortgage Bankers Association on mortgage delinquencies reported in the fourth quarter of 2007: “The data released this morning on the number of delinquent mortgage loans and foreclosures is deeply disturbing, and underscores the need for aggressive, innovative solutions to the unprecedented challenges we are facing … Continue Reading
March 5, 2008
DODD SPEAKS ABOUT ECONOMY ON SENATE FLOOR
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, tonight spoke on the Senate floor about the economy and problems in the housing market, citing lax oversight by the Federal Reserve and the Administration as part of the cause for the serious economic situation we face today. Dodd also highlighted his ongoing efforts in the Banking Committee to stimulate the economy and help homeowners, including his commitment to enact FHA reform… Continue Reading
March 5, 2008
DODD INTRODUCES BILL IMPROVING PROGRAM TO HELP LOW-INCOME FAMILIES FIND HOUSING
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, yesterday introduced the Section 8 Voucher Reform Act of 2008 (SEVRA). The Section 8 program is a successful public-private partnership where local agencies assist families in renting private market housing. Currently, Section 8 vouchers are used by almost 2 million low-income families across the nation, including many of our nation’s most vulnerable - children, seniors, and peopl… Continue Reading
March 4, 2008
DODD CALLS FOR “SUBSTANTIAL, MEANINGFUL ACTION” FROM REGULATORS TO ADDRESS AMERICA’S CREDIT CRISIS
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a hearing with federal bank regulators on “The State of the Banking Industry.” Dodd emphasized the important role that regulators play in securing credit in our economy, and in protecting American taxpayers who trust their deposits to be safe. In outlining the current financial strain on American consumers, entrepreneurs, and lenders, Dodd pointed to the failure of the Federal Reserve… Continue Reading
March 3, 2008
DODD ON TREASURY’S HOPE NOW ALLIANCE:
“The Treasury’s efforts are certainly one piece of the puzzle but, frankly, Hope Now does not have the resources or capacity to deal with the sheer size of the problem that has millions of Americans in financial dire straits. The program is far from perfect - repayment plans outnumber modifications by over two-to-one so far. There is also a question as to whether these modifications are long-term, or whether the servicers are simply adding arrears back into the loan, resulting in a higher pay… Continue Reading
February 14, 2008
DODD STATEMENT ON HOUSING STIMULUS PACKAG
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 announcement by Senate leadership of a housing stimulus package: “The face of the economic crisis is the housing crisis, and the face of the housing crisis is the foreclosure crisis. I've been working rigorously to find solutions to the problems of rising home foreclosures and the devastating impact they have on families and neighbor… Continue Reading
February 12, 2008
DODD: ADMINISTRATION’S PLAN WILL NOT STEM TIDE OF FORECLOSURES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the plan announced by six lenders and the Administration to give homeowners facing foreclosure a 30 day delay to work out their mortgages with lenders: “The industry and the Administration are running to catch up as fast as they can to a problem that is getting broader and deeper by the day, but they seem to be falling furt… Continue Reading
February 4, 2008
CHAIRMAN DODD ON BUSH’S BUDGET: AN OPPORTUNITY SQUANDERED
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing, and Urban Affairs, today issued the following statement on Bush’s misguided budget proposal: “The budget fails to take into account the needs of low- and moderate-income families all across our nation. “Given the economic downturn that our country is currently experiencing and indications that the economy will continue to slow down, President Bush should have proposed a budget that demonstrated a rea… Continue Reading
February 1, 2008
DODD ON JANUARY’S JOB LOSS:
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the Bureau of Labor Statistics announcement that 18,000 jobs were lost in January: “I support a short-term stimulus package that puts more money in the pockets of working families, and that stimulates the housing sector. I’m pleased that that there seems to be broad agreement in Washington - among the President and the Congr… Continue Reading
January 31, 2008
DODD: THE EPICENTER OF THIS ECONOMIC CRISIS IS THE HOUSING CRISIS
“Strengthening Our Economy: Foreclosure Prevention and Neighborhood Preservation” WASHINGTON, DC - As the nation experiences a dramatic economic slowdown and Congress considers economic stimulus packages to present to the President, Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, held his first hearing of the year on the root cause of the current problems in the economy: the tumult in the mortgage markets and the rising number of home foreclosures. … Continue Reading
January 30, 2008
DODD ON FED RATE CUT:
Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today issued a statement in response to the Federal Reserve Board’s announcement to cut interest rates: “Today’s interest rate cut by the Federal Reserve and this morning’s data showing dramatically slower economic growth indicate that the problems that originated in the sub-prime mortgage market continue to reverberate through the financial system and the broader economy. While the Fed’s recent action… Continue Reading
January 30, 2008
DODD: WE NEED TO PUT OUR ECONOMY BACK ON TRACK
Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing and Urban Affairs, today issued the following statement in reaction to the Bureau of Economic Analysis (BEA’s) announcement of the 4th Quarter Gross Domestic Product (GDP) numbers for 2007, which indicated 4th quarter growth slowed to 0.6%, a sharp contrast with the almost 5% growth from the previous quarter: “The drop in the GDP confirms what economists, businesses, policy makers, and individuals across the country hav… Continue Reading
