Hillary Clinton Statement on the Treasury Secretary's Testimony on the Housing Crisis

"In testimony before the Senate Banking Committee this morning the Treasury Secretary said that the economy is experiencing 'a significant and necessary housing correction.'"

"I believe that families around the country agree that the housing crisis is 'significant.' But I doubt that many concur with the judgment that it is 'necessary' for them to lose $1.6 trillion in household wealth and potentially lose their homes to foreclosure."

"The Treasury Secretary also said that the administration is open to 'good ideas' to address the housing crisis. As I have said for months now, a 90-day foreclosure moratorium on owner-occupied subprime mortgages and a 5-year freeze in rates on subprime adjustable rate loans would stem the tide of foreclosures. Also, since October, I have called for using the state housing agencies to refinance unworkable mortgages and have introduced legislation to get it done. Many months and hundreds of thousands of foreclosure notices later, the administration now supports this idea. And recently, Senator Obama indicated he does too. I have proposed real solutions to the real problems weighing on families."

"In these tough times, America needs a president who leads-not follows-when economic challenges arise; a president who sees trouble on the horizon and moves swiftly to confront it. I will be that President, and I will work every day to solve our nation's problems."