Political Quotes

“I rise to protest an action by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac, that punished my State of Connecticut and four other States for effectively protecting our citizens against unfair and abusive mortgage foreclosure practices. I want to say right at the outset I am determined to fight this action along with my colleagues during the comment period that we have, to contest this very unwise, misguided, unacceptable decision. These agencies have just posted for 60-day comment a decision to increase Fannie Mae and Freddie Mac's guarantee fee for Connecticut and four other States--New Jersey, New York, Illinois, and Florida. Why? Because of the protections we have in place now against those abusive banking tactics that have so pervaded the mortgage foreclosure process and increased the length of time that it sometimes takes for foreclosure. And we have a mediation process that keeps people in their homes and enables settlements that actually save money. That is Connecticut's crime. That is the reason Connecticut and four other States and our homeowners will pay more in those guarantee fees. Those fees, by the way, are imposed by Fannie Mae and Freddie Mac in exchange for assuming the risk that a loan will default. These entities guarantee investors in mortgages and mortgage-backed securities, making it less expensive and easier for home purchasers to obtain financing.…”