DODD STATEMENT ON GROWING SUPPORT OF APPROACH TO HELP HOMEOWNERS

“There is a growing chorus among housing experts, economists, and Democratic and Republican policymakers that more must be done to help people keep their homes and bring an end to the foreclosure crisis currently gripping our country and our economy.  Most recently, Senator McCain introduced a policy echoing an idea that I proposed several weeks ago – to create a temporary, voluntary program within FHA to help distressed borrowers refinance their mortgages. In addition to Senator McCain, Chairman Ben Bernanke of the Fed, Sheila Bair of the FDIC, and John Reich of the OTS have all voiced their support for the concept behind my ‘HOPE for Homeowners’ plan. Even the White House has embraced the same philosophy of using the FHA to provide assistance to borrowers.  While the devil is in the details, I am encouraged that there is enough common ground to work together on finalizing this proposal.  I look forward to holding a second hearing on ‘HOPE for Homeowners’ next week.”