Hillary Clinton Statement On The Record Decline In Housing Prices

Today, the respected Case-Shiller index reported that housing prices declined by a record 14.1% in the first quarter of 2008. This is further evidence of the deepening crisis in our housing market, which is forcing millions of families out of their homes and eroding the value of most families' single largest asset.

For more than a year, I have been speaking out on the need to take aggressive action to contain this crisis, and to help keep responsible families in their homes. I have called for a voluntary moratorium on subprime foreclosures and a freeze on subprime mortgage interest rates for at least 5 years. I support the bold plans being developed by Congressman Frank and Senator Dodd to extend government guarantees to help millions of families restructure their mortgages on more affordable terms. And I believe we should immediately pass a second stimulus package with at least $30 billion in emergency funds to help states and localities fight foreclosures in their communities. As President, I will work to ensure that these provisions become law, and that our government is fighting just as hard to help struggling homeowners as we are to help struggling Wall Street banks.

Unfortunately, President Bush has offered too little too late when it comes to the housing crisis. Now, Senator McCain has pledged to continue President Bush's strategy of half-hearted half-measures on housing. That is a strategy that America's working families simply cannot afford.

After today's record housing price declines, anyone who thinks we can continue President Bush's on housing is deeply out of touch with the crisis affecting millions of American families.