Senator Menendez Statement On President Bush's Plan To Address Home Foreclosure Crisis

August 31, 2007 -- Washington, DC— United States Senator Robert Menendez (D-NJ), a member of the Senate Banking, Housing, and Urban Affairs Committee, today made the following statement after President Bush’s announcement of a plan to help families hit by the subprime mortgage crisis:

“The president’s proposal is a first step, but this situation is much too serious to leave to the whims and jawboning of this administration,” said Menendez. “We must increase FHA loan limits and make additional mortgage options available to those facing foreclosure. At the same time, federal regulators also have a responsibility to use their existing authority to protect consumers. Clearly, current protections aren’t enough; predatory lending should be a federal crime that’s fully enforced. I will work in coming weeks to develop legislation that fully protects consumers, provides them the information they need to make informed decisions, and ensures that unscrupulous lenders can't take advantage of consumers in the future.”

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Source: Senator Robert Menendez