July 18, 2007

Statement of Chairman Dodd in Reaction to Fed Chairman Bernanke Comments on the Home Ownership and Equity Protection Act (HOEPA)

“I am encouraged by today’s announcement. Mr. Bernanke and the Governors appear to finally acknowledge that they have a duty to act to protect consumers from abusive mortgage practices and products. Many of my colleagues and I have laid out a course we think the Board must follow to meet this obligation. It goes without saying that actions speak louder than words and the Fed now needs to spell out what they intend to specifically do to protect American homeowners. I intend to make that point tomorrow when Mr. Bernanke appears before the Senate Banking Committee.”