Shaun Donovan: “We all understand the impact the foreclosure crisis has had on homeowners, but the crisis hurt communities, too.”

I would really describe [sequestration], in many cases, as mindless austerity, cutting just simply straight across the budget without reflecting, really, which are the critical investments.

This is an urgent priority that we change the formula. And to be very frank, the formula simply doesn't make any sense anymore.

We believe it is absolutely critical that we lift the cap beyond the 180,000 units.

I want to begin by remembering that last week on the 1-year anniversary of Hurricane Sandy, our Nation paused to remember all those who lost their homes, their businesses, and, most tragically, lost their lives.