Dodd Will Consider Bill
To Protect Homeowners
by Greg Hitt
From The Wall Street Journal Online
March 15, 2007
In the wake of the market dive over subprime lender concerns, Senate Banking Chairman Christopher Dodd (D., Conn.) issued a statement saying he is giving serious consideration to crafting legislation that would address growing public worries about predatory lending.
Warning that "large numbers of American homeowners" are facing foreclosure, the Democratic presidential candidate said that "the federal government has a dual obligation both to protect consumers from abusive lending practices going forward and to work to ensure that Americans who have been victimized by abusive products and practices are able to keep their homes and with them, their piece of the American dream."
He added in his statement, released after the market closed: "I am considering a number of options, including legislation, to accomplish both of these objectives."
Since taking over as chairman earlier this year, Mr. Dodd has raised pressure on federal banking regulators to strengthen protections for borrowers in the subprime market.
Email your comments to rjeditor@dowjones.com.
