Political Quotes

“Senator Durbin, I believe, rightly says: Why should that be the case? In bankruptcy, shouldn't the courts be able to work out something that allows people to stay in their homes or to afford a new mortgage? There is a lot of resistance to this issue, and there is an argument on the other side. I am not going to suggest there is not. My hope is we can work something out in this area. This cramdown, as it is called, this one provision has provoked a lot of objection to this bill, but I am committed to do everything I can to work it out, to allow a vote to occur and allow us to do something in this area. Senator Jack Reed of Rhode Island has a provision in the legislation that will improve disclosures to borrowers and make those disclosures available sooner in the mortgage shopping process. This provision will help borrowers avoid the kinds of abusive loans that are leading to so many foreclosures. I commend Senator Reed for this proposal.”