Las Vegas Sun

September 23, 2014

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2008 Elections

Chris Dodd on Foreclosures

 

(Editor's Note: Dodd dropped out of the presidential race for the Democratic nomination, following a poor showing in the Iowa caucuses on Jan. 3, 2007, where he got less than 1 percent of the delegates. See a video of his explanation on his campaign Web site. )

 

As Senate Banking Committee Chairman, Dodd has been involved with the subprime mortgage crisis longer than other presidential candidates. On his Senate home-page, Dodd announced his invite to the CEOs from the top five subprime lenders to answer questioning from his committee in March. At the hearing, Dodd called the lending practices of the companies "unconscionable and deceptive." But he placed real blame on the Federal Reserve Board for not being the watchdog that it should have been for Americans. As a result of his hearings, Dodd was able to get $100 million to put toward foreclosure prevention. His plan as president to provide a safer market for prospective home buyers includes stabilizing the mortgage ad financial markets to increase opportunities for Americans to become homeowners and protecting homeowners from predatory lenders. In addition Dodd plans to reform the Federal Housing Administration (FHA) and credit agencies.

 

Realizing the American Dream- Read more on Dodd's plan to relieve the subprime mortgage crisis.

 

— Las Vegas Sun new media intern Jenna Kohler compiled this report.

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