Durbin Statement on Administration Plan to Reform the Housing Market

[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement after the Obama Administration announced a plan to dramatically reform the nation’s housing markets and to end Fannie Mae and Freddie Mac, the government controlled financing agencies:

“The Administration’s proposal for reforming America’s housing finance market is the right step and one that is desperately needed.

But two years after the housing market collapsed and plunged the nation into a deep recession, far too many families are still struggling to save their homes in the face of falling home prices, a weak job market, and indifferent or incompetent mortgage servicers.

As Congress debates the future of these programs, I will work with my colleagues – Democrats and Republicans – to help as many families stay in their homes as we can. Until we stabilize the housing markets, our economy can’t fully recover.”

Durbin has long urged reform of the nation’s housing markets. He is the author of the Helping Families Save Their Homes in Bankruptcy Act which would allow families who are at risk of foreclosure to modify the terms of their loans in bankruptcy.

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