Minority Press Releases
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 ad… Continue Reading
October 24, 2007
Statement of Chairman Dodd on House Predatory Lending Legislation
“I congratulate Congressmen Miller, Watt, and Chairman Frank and their staffs who, I know, have been working extremely hard to put this legislation together. I intend to study the proposed legislation as I draft a bill with my colleagues. As I have said before, to be effective, legislation must meet two tests: first, it must establish strong standards against abusive practices such as prepayment penalties, steering, and other problems. Second, it must provide for strong enforcement. The prob… Continue Reading
October 24, 2007
Statement of Chairman Dodd on Countrywide-NACA Partnership
"Countrywide has taken a step in the right direction in authorizing the Neighborhood Assistance Corporation of America (NACA) to help its borrowers. Under Bruce Mark's leadership, NACA has a strong record of helping homeowners navigate the daunting process of modifying their loans in order to make them more affordable and to avoid foreclosure. But Countrywide must ensure that each and every one of its subprime borrowers has access to equally effective help. To that end, Countrywide should make… Continue Reading
October 23, 2007
Statement of Chairman Dodd on Countrywide Announcement
“Countrywide’s announcement to modify some loans is a welcome, if late, decision. I am pleased Countrywide is implementing the Homeownership Preservation Principles they agreed to last May. However, this problem reaches far beyond the 82,000 borrowers they have agreed to assist. The reality is, many more hardworking Americans are at risk of losing their homes unless subprime lenders quickly adopt and implement a set of standards and procedures for reaching out to them. Lenders have a responsi… Continue Reading
October 17, 2007
Dodd Calls on Treasury to Increase Focus on Protecting Homeowners
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Treasury Secretary Henry Paulson reiterating the need for lenders to modify subprime loans in order to avert massive foreclosures across the country. While Dodd praised Secretary Paulson for his acknowledgement yesterday that more loan modifications are necessary to help keep people in their homes, the letter went on to urge the Treasury Department to do … Continue Reading
October 17, 2007
Dodd Calls on Treasury to Increase Focus on Protecting Homeowners
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Treasury Secretary Henry Paulson reiterating the need for lenders to modify subprime loans in order to avert massive foreclosures across the country. While Dodd praised Secretary Paulson for his acknowledgement yesterday that more loan modifications are necessary to help keep people in their homes, the letter went on to urge the Treasury Department to do more to ensure that… Continue Reading
October 17, 2007
Chairman Dodd Passes Three Major Bills Out of Committee
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today oversaw the passage of three major bills out of the Committee. The Terrorism Risk Insurance Program Reauthorization Act of 2007, the Sudan Accountability and Divestment Act of 2007, and the Flood Insurance Reform and Modernization Act of 2007 all passed with bi-partisan support. “I am pleased these bills have passed out of Committee and will continue to work to get the… Continue Reading
October 17, 2007
Chairman Dodd Passes Three Major Bills Out of Committee
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today oversaw the passage of three major bills out of the Committee. The Terrorism Risk Insurance Program Reauthorization Act of 2007, the Sudan Accountability and Divestment Act of 2007, and the Flood Insurance Reform and Modernization Act of 2007 all passed with bi-partisan support. “I am pleased these bills have passed out of Committee and will continue to work to get them enacted as soon a… Continue Reading
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 De… Continue Reading
October 15, 2007
Statement of Chairman Dodd on Treasury Department’s Deal with Major U.S. Banks
“When I met with Secretary Paulson in August, he pledged to use all the tools at his disposal to help ensure our capital markets function smoothly. Treasury’s effort to organize large financial institutions to ensure the orderly sale of subprime securities may be necessary to prevent a broader crisis in the financial markets, consistent with that pledge. I share the Secretary’s view that our first obligation must be to maintain the orderly operations of the financial system. I await more deta… Continue Reading
October 11, 2007
Statement of Chairman Dodd in Reaction to Treasury and HUD Mortgage Foreclosures Announcement
“The Administration should have acted much sooner. It has been six months since I convened a summit where leading stakeholders in the subprime market agreed to a comprehensive set of principles to help families facing foreclosure remain in their homes. While the agreement was a step forward, I believe that the industry and Administration need to do more to alleviate this on-going crisis. Moody’s says that only 1% of resetting subprime loans have been modified, which is unacceptable and muc… Continue Reading
October 3, 2007
Statement of Senator Chris Dodd, Chairman of the Senate Banking Committee, at the Democratic Leadership Event to Discuss the Subprime Mortgage Crisis
Today, we are facing a serious meltdown in the subprime mortgage market. This crisis is the equivalent of a slow-motion, 50-state Katrina, taking people’s homes one-by-one, devastating their lives, and destroying their communities. As a result of this crisis, 2.2 million American families are in danger of losing their homes to foreclosures at a cost of over $160 billion in hard-earned home equity, equity that should have been available for people to finance their childrens’ college educati… Continue Reading
October 2, 2007
DODD PRAISES HOUSE PASSAGE OF HIS SANCTIONS BILL
Washington, D.C. - In his continued efforts to put additional pressure on the governments of Iran and Sudan, Senate Banking Committee Chairman Chris Dodd (D-CT) today commended the approval of a bill he authored, the International Emergency Economic Powers Enhancement Act (IEEPA), by the House of Representatives. The bill, which was passed by the Senate in June, will now go to the President’s desk for his signature. “Let Congress’ support of this bill serve notice to the patrons of ter… Continue Reading
October 2, 2007
Statement of Senator Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, on Departure of SEC Commissioner Annette L. Nazareth
Washington, D.C. - Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement in reaction to the announcement today that Securities and Exchange Commissioner Annette L. Nazareth intends to leave the SEC: “I commend Annette Nazareth for her years of dedicated public service. Commissioner Nazareth has been a leader at the SEC in working to better protect investors and improve and strengthen our capital markets, including the… Continue Reading
September 28, 2007
Dodd Applauds Achievements of Congressional Black Caucus
As the Congressional Black Caucus Foundation’s 37th Annual Legislative Conference gets underway, Senator Chris Dodd (D-CT) today sent a letter to the Chairs of the Congressional Black Caucus (CBC) congratulating them on the conference and praised the CBC for their continued commitment to the creation of good public policy. Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, outlined the work the Banking Committee has undertaken during his chairmanship to address t… Continue Reading
September 28, 2007
Senate Banking Chairman Dodd Urges New IMF Director to Ensure China’s Compliance with Exchange Rate Obligations
Washington, D.C. - Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement in response to the selection of Dominique Strauss-Kahn to be the Managing Director of the International Monetary Fund: “I congratulate Mr. Strauss-Kahn on being selected for this post. The IMF is the only international financial institution mandated to address the critical issue of currency manipulation by member countries, which is expres… Continue Reading
September 27, 2007
Statement of Senator Dodd, Chairman of the Senate Banking Committee, on Release of Recent Economic Reports
Washington, D.C. - “Today’s economic reports indicate that there are still serious threats to our nation’s economic health. The continued decline in the housing market, as evidenced by the over 8% fall in new homes sales last month, is a source of serious concern. This is especially true considering that this number does not capture the millions of Americans who are trapped in unaffordable subprime Adjustable Rate Mortgages (ARMs) who may soon face foreclosure. While there is no single solutio… Continue Reading
September 26, 2007
Dodd Calls For Swift Action Against Iran, Sudan
WASHINGTON, D.C. - Pursuing additional pressure on the governments of Iran and Sudan, Senate Banking Committee Chairman Chris Dodd (D-CT) commended the approval of a bill he authored, the International Emergency Economic Powers Enhancement Act, by the House Committee on Foreign Affairs, and urged the House of Representatives to take up and pass his legislation "I greatly appreciate the leadership of Chairman Lantos and members of his Committee,” said Dodd. “It is imperative that this bill b… Continue Reading
September 25, 2007
Chairman Dodd Presses Commerce Department to Ensure Iran Does Not Obtain Sensitive U.S. Technology
Responding to an announcement by the government of the United Arab Emirates (UAE) that it had recently enacted export control laws to prohibit unlicensed trafficking of “strategic goods” such as chemical and biological weaponry, military hardware, and dual-use items, Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today wrote to Commerce Secretary Carlos M. Gutierrez to request a report on the latest U.S. efforts to keep sensitive technolog… Continue Reading
September 25, 2007
Chairman Dodd Presses Commerce Department to Ensure Iran Does Not Obtain Sensitive U.S. Technology
Washington, D.C. - Responding to an announcement by the government of the United Arab Emirates (UAE) that it had recently enacted export control laws to prohibit unlicensed trafficking of “strategic goods” such as chemical and biological weaponry, military hardware, and dual-use items, Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today wrote to Commerce Secretary Carlos M. Gutierrez to request a report on the latest U.S. efforts to keep … Continue Reading