For Immediate Release Contact: Jonathan Swain
December 6, 2007 (202) 224-1062
Bayh: President Should Do More
to Address Subprime Mortgage Crisis
Washington — Senator Evan Bayh released the following statement on President Bush’s announcement today that mortgage lenders have agreed to freeze interest rates on certain subprime mortgages:
“The President’s announcement today is a step in the right direction and will provide overdue assistance to homeowners who are at risk of losing their homes. But more must be done. Families facing foreclosure as a result of today’s subprime crisis— particularly those who have been victimized by predatory lending practices—deserve the chance to stay in their homes.
“Millions of subprime adjustable-rate mortgages are expected to reset over the next 12 to 18 months, and the President’s plan could leave thousands of Hoosier families still at risk of foreclosure.
“Mass foreclosures have a damaging ripple effect on local communities and our economy as a whole. In my view, President Bush should have gone even further to craft a plan that helps more middle class Americans grappling with this emergency.”
In October, Bayh called on Treasury Secretary Henry Paulson to take steps to help expedite loan modifications to protect homeowners from losing their homes. Bayh is a member of the Senate Committee on Banking, Housing and Urban Affairs.
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