Earl Blumenauer: “I welcome this legislation today. I support the rule, and I support the underlying legislation. But I hope that this…”

“I welcome this legislation today. I support the rule, and I support the underlying legislation. But I hope that this will be just the start of on-going progress for dealing with what is truly a housing crisis that is enveloping this country. While it's pleasant to read now that Alan Greenspan, as he's attempting to protect his role in history, now agrees that there were probably some mistakes that were made, not yet acknowledging the failure on the part of the Fed to step forward and deal meaningfully, using the powers that they had in the housing market. Today we see the consequences of that failure, of this Congress, a failure of being able to meaningfully deal with the protection of American homeowners. Foreclosures are mounting by the day, but we're only seeing the tip of the iceberg, because literally tens of thousands of people every week are going to be facing a situation where adjustable rate mortgages in the months ahead are going to be exploding in much higher rates, where people are going to be paying $200, $300, $400, $500 a month, or more, higher and be trapped into these unfair subprime loans.”