Statement of Senator Barack Obama on the Banking Committee's Passage of Bipartisan Housing Bill
Tuesday, May 20, 2008
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CONTACT: Michael Ortiz, 202 228 5566
WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement after the Senate Banking Committee passed The Federal Housing Finance Regulatory Reform Act of 2008:
"Today, the Senate Banking Committee took an important step towards stemming the tide of foreclosures that are devastating struggling homeowners, driving down property values in our communities, and contributing to our economic downturn. The Committee adopted new reforms of Fannie Mae and Freddie Mac, and created a permanent trust fund to help provide affordable housing for the low-income families who need it most.
"American families need urgent relief, and these are important steps to help innocent homeowners, without rewarding irresponsible lenders. The Bush Administration was all too eager to step in to help struggling investment banks but has been content to sit by and do almost nothing while hardworking families are struggling across the country.
"I applaud the leadership of Chairman Dodd in the Senate and Chairman Frank in the House, and I urge President Bush to abandon his veto threats and commit his Administration to working with Congress to pass these provisions and enact them quickly into law. I also call on private lenders and loan servicers to heed the advice of the Federal Reserve Chairman and reduce the number of foreclosures by working with borrowers to write down the principal on properties that have lost value. The time for the Bush Administration's can't do, won't do, won't even try style of governing is over; it's time now for new leadership and a new direction for the American economy."