Political Quotes

“as the 111th Congress begins, the most important item on our agenda is to help end the worst economic crisis America has faced since the Great Depression. I look forward to working with my colleagues in the Senate to develop and approve an economic turnaround package as quickly as possible. But even if Congress authorizes as much as $1 trillion in new Government spending over the next 2 years to stimulate the economy, if we don't address the origins of this crisis, I fear the impact of any recovery package will be dampened. This economic crisis began with the bubble that burst in the housing market. So we have to address that, first and foremost. Families need to be able to stay in their homes, and communities need to be stabilized before the economy can start to grow again. That's why, as my first bill in the new Congress, I am reintroducing the Helping Families Save Their Homes in Bankruptcy Act. When I first began working on this bill almost two years ago, the Center for Responsible Lending, Credit Suisse, and others estimated that 2 million homes were at risk of foreclosure. The Mortgage Bankers Association and the rest of the mortgage industry scoffed at such a number. Last month, Credit Suisse estimated that 8.1 million homes are likely to be lost to foreclosure by 2012. If the economy continues to worsen, they believe foreclosures will exceed 10 million homes.”