Political Quotes

“Rhode Island currently has the highest foreclosure rate in New England. According to the most recent National Delinquency Survey from the Mortgage Bankers Association, 3.9 percent of all the loans being serviced in the State are in foreclosure. Foreclosure initiations were up 11.8 percent from the previous quarter. As far as subprime adjustable rate mortgage loans, ARMs, are concerned, 8.2 percent of them are in foreclosure, which is up 18.8 percent from last quarter. And we know that a majority of these ARMs have not yet reset and are scheduled to do so sometime during the next year. Many families' homes are now worth less than their mortgages, giving them no ability to refinance or sell their homes. With the cost of energy, food, health care, education, and other needs at an all time high, they are trapped between a rock and a hard place. The legislation before us, the Foreclosure Prevention Act of 2008, is a start. I want to thank Senators Dodd and Shelby and their respective staffs for all of their hard work in helping us move forward on this legislation. I am pleased that the bill contains the provision I authored, from my bill, S. 2153, to amend the Truth-in-Lending Act to improve home loan disclosures.”