On the recordMay 17, 2010
I commend the work of Senator Dodd on this legislation. We have more work to do. I rise to speak to an amendment I have filed, amendment No. 3891, the homeowners' relief and stabilization amendment. The reason I rise is to speak about a topic we have all talked about and we have taken action about over the last couple years. We have had some progress made, but unfortunately not enough progress has been made. I speak tonight about foreclosures. Foreclosures in America are still a huge problem for the American people. RealityTrac, one of the entities that keeps records on foreclosures and has been a leading source for this information, tells us that the numbers of U.S. residential properties receiving at least one foreclosure filing jumped 21 percent in 2009 to a record of 2.82 million housing units. Foreclosure activity has increased sharply in March of 2010. The number of homes in some stage of the foreclosure process rose from the previous quarter. Given the significant Federal response to the foreclosure crisis, it is disheartening--I think that is an understatement--that foreclosure filings in March of 2010 were up nearly 8 percent from March of 2009, the highest monthly total since RealtyTrac began reporting the numbers in January of 2005. So we have a ways to go on this very difficult challenge that our Nation has faced.
