Political Quotes

“Mr. President, I thank Senator Merkley for his leadership on this issue. I was proud to work with him on this issue. I thank Chairman Dodd as well for advancing this amendment, for the work he has done in this area. I also want to mention my good colleague in the House, Representative Ellison, who was a leader on this in the State legislature in Minnesota and now in Congress. We worked on this issue in this bill together. Complex and deceitful lending practices were at the heart of the financial crisis, and as we work to reform Wall Street we must ensure that the homes and the home equity of Americans are not put at unnecessary risk. With 1 in 7 homeowners--1 in 7, who would have ever thought that--delinquent on their mortgage or already in foreclosure, and many home loans delinquent, the housing market continues to slow economic recovery. It has been estimated that each year predatory mortgage lending results in a loss of $1.9 billion for American families. It is critical that families have access to safe, fair, and affordable mortgages. I see my colleague from Illinois, Senator Durbin, who has seen firsthand in his State people losing their homes, people at the mercy of call-lines where they cannot reach anyone when they are calling for help. Important borrower protections such as those we have in Minnesota should be a national policy to help safeguard families across the country.…”