Statement by Hillary Clinton On President Bush's Belated Response to the Foreclosure Crisis

The following is a statement by Hillary Clinton on President Bush's belated response to problems in the housing market.

"I am heartened that the Bush Administration is finally beginning to grasp the seriousness of the foreclosure crisis that is hurting families. The President's acknowledgement that federal action is necessary stands in sharp contrast with his recent, unfounded optimism about a 'soft landing' for the housing market.

"I am also encouraged that the President is now calling for policies that I have already advocated: modernize the Federal Housing Administration, support foreclosure prevention programs, and tighten disclosure rules so that prospective homebuyers are not misled. But more needs to be done. For example, prepayment penalties that lock homeowners into unworkable mortgages must be eliminated, and steps should be taken to crack down on unscrupulous mortgage brokers."

Read Hillary Clinton's proposals to address the problems in the housing market at:

http://www.hillaryclinton.com/news/release/view/?id=2730