DODD STATEMENT ON ADMINISTRATION?S PROPOSAL TO EXPAND FHA

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in response to testimony from regulators and Administration officials before the House Financial Services Committee:

 “Much of what the regulators said today underscores what we have known now for months – that action must be taken to help people keep their homes.  In fact, it was inaction and delayed response – mostly on behalf of the Administration – that got us into this situation in the first place. 

“While I am currently reviewing the details of the Administration’s plan, it seems that they are embracing the underlying concepts of my ‘HOPE for Homeowners’ idea.  I continue to welcome any and all input, including from the Administration, as I work to introduce and pass my proposal.”