PRESIDENT SIGNS DODD'S LEGISLATION TO HELP HOMEOWNERS, STRENGTHEN ECONOMY

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President Bush signed into law the Housing and Economic Recovery Act, which Dodd authored along with Senator Richard Shelby (R-AL):

“Today marks an important change in the federal government's response to the economic strain being felt by millions of Americans across the country and our financial markets.  This is the most sweeping housing legislation since the Great Depression, representing a turning point in our country's commitment to economic growth and affordable housing, and providing relief to homeowners and communities across the country.  I congratulate the President for signing it, and I am committed to ensuring that this law is implemented effectively and expeditiously, and that it fulfills its promise to prevent foreclosures, restore home values, stabilize our housing markets, and create economic growth.”

 

-30-