Chris Dodd: Chris Dodd Campaign Reacts To Clinton's Sub-Prime Lending Speech In New Hampshire

WASHINGTON -- Today, the Dodd Campaign released the following statement on Mrs. Clinton's speech today in New Hampshire:

"We're glad that Mrs. Clinton is concerned about this important issue that Sen. Dodd has already taken leadership on. But addressing the crisis will require more than rhetoric on the campaign trail. That is why as Banking Chairman, Sen. Dodd has taken the reigns on this issue and plans to continue ensuring that American homeowners are not taken advantage of," said Dodd spokeswoman Colleen Flanagan.

CHRIS DODD: WORKING TO ADDRESS
SUB-PRIME LENDING CONCERNS

As Chairman of the Senate Banking Committee, Dodd has a history of aggressively addressing sub-prime lending by holding hearings, asking tough questions, and speaking out on the issue. Dodd has worked to promote homeownership while simultaneously fighting against abusive practices aimed at convincing certain segments of the population to purchase mortgage products without full knowledge or information. For example, the 2005 Home Mortgage Disclosure Act (HMDA) data shows that over 50% of African-American borrowers and 46% of Hispanic borrowers were given high-cost, sub-prime loans while only 17% of Caucasian Americans purchased similar products. To combat such abuse, Dodd co-sponsored legislation aimed at reducing predatory lending practices.

* 2000: Dodd was an original cosponsor of a bill to protect consumers against predatory practices in connection with high cost mortgage transactions. This bill would have amended prevented creditors from accelerating debt on their discretion and taking actions that would encourage the debtor's default. [S. 2415, 4/12/00]

* 2002: Dodd was again an original cosponsor of the Predatory Lending Consumer Protection Act of 2002. This bill would have required additional disclosures that the consumer is contracting to pay a much higher loan than most people pay, as well as banning all balloon payments. [S. 2438, 5/1/02]

* 2003: Dodd cosponsored a nearly identical bill the next year, the Predatory Lending Consumer Protection of 2003. Again, this bill would have required additional disclosures that the consumer is contracting to pay a much higher loan than most people pay, as well as banning all balloon payments. The bill would also have required high cost mortgage creditors to report the debtor's complete financial history to a review entity, as well as prohibit the creditor from taking action encouraging the debtor's default. [S.1928, 11/21/03]

* 2007: As Chairman of the Senate Banking committee, Dodd used his position to press Federal Reserve Chairmen Ben Bernanke for action on the sub-prime lending crisis. After stating that he was "very concerned about the predatory lending practices that go on", Dodd told Chairman Bernanke that his response to the situation "was a little inadequate" and that he would like to see "additional steps" taken to protect Americans from these practices. [Federal News Service, 2/14/07]

* 2007: In a recent statement Dodd also said, "I intend to use all the powers and tools at my disposal as Chairman to find solutions that will keep families in their homes, ensure that America's dream of homeownership remains alive, and protect America's economy." [Office of Senator Chris Dodd Press Release, 3/15/07

Source: Chris Dodd campaign

Bookmark/Search this post with:

 •    •    •    •    •    •    •    •    •    •    •    •