Chuck Schumer: “I rise in support of this much-needed legislation. I find it difficult to believe that with our economic crisis, the…”

“I rise in support of this much-needed legislation. I find it difficult to believe that with our economic crisis, the President issued a veto threat today. I would like to explain why the bill is good, why it is needed; there are some changes I would like to see made; and then talk a little bit about the President's veto threat. First, I commend Senator Dodd and Senator Shelby for working so long and hard on this bill. This is not an easy bill, particularly when you have so many different concerns and considerations. I know how hard the chairman worked on this bill. I know how hard Senator Shelby did. They were wide apart in what they believed in. They came together in the middle with a compromise that is a very good step forward. There are parts of this bill that are extremely important. The foreclosure counseling--this is something I have been championing for a long time. We need counselors. For about half of those who are about to go into foreclosure, or will be delayed in their payments, a mortgage counselor could be the difference between them saving their home and losing it; between the neighborhood going down the drain or staying decent; even between our economy going into a deep recession or on the edges of one--the way it is now. We need these counselors. They are not expensive. They do a world of good. They take the place of the banker who used to be on the scene when banks held mortgages.”