Richard Shelby: “this morning I am pleased to join my friend and colleague, the chairman of the Senate Banking Committee, Senator Dodd…”

“this morning I am pleased to join my friend and colleague, the chairman of the Senate Banking Committee, Senator Dodd, in supporting the pending amendment. When a crisis such as the one we are now facing arises, I believe the American people expect us to provide effective and timely solutions. Chairman Dodd and I have worked together to develop a package of targeted measures intended to help stabilize and strengthen the housing and the financial markets. We chose not to pursue partisan goals here. Instead, we are focusing our efforts on achieving the best possible results in a bipartisan fashion. I commend the chairman for his willingness to work with me in this manner. The amendment before us provides immediate help to the marketplace by reforming the Federal Housing Administration, allowing it to provide greater liquidity and thereby enhancing the options available to America's homeowners. It also provides additional funding for foreclosure prevention counseling, which will hopefully help many homeowners stay current on their mortgages and be able to remain in their homes. In order to prevent this situation from repeating itself, the amendment increases the disclosures--this is very important-- disclosures made to consumers when they obtain mortgages and close their loans.”