by Congressman Dennis Kucinich
Washington, Feb 11, 2009
Congressman Dennis Kucinich (D-OH) today made the following statement on the ongoing foreclosure crisis:
“According to today’s Wall Street Journal, Moody’s economy.com claims that nearly five million families could lose their homes to foreclosure between 2009 and 2011. Now is the time for our government to take a controlling interest in mortgage-backed securities and then direct loan modification, lowering principles and interest rates, extending terms of payments and keeping people in their homes.
“Banks are not lending money. They are hoarding money, because they fear their own balance sheets understate their losses. Instead of giving the banks more of taxpayers’ money in the hopes that banks will loan the money to keep people in their homes, the government must take charge to save the homes of so many American families. Keep people in their homes, the banks will get their money as well.
“Its time to stand up for the dream of American home ownership by saving the homes that are in jeopardy.”
FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
Dennis Kucinich Takes An Hour To Explain Our Current Economic Situation
Pingback: Kucinich: Who Told SEC to “Stand Down” on Stanford Probe? + video « Dandelion Salad
Why don’t your colleagues and the White House get this?
The Richard E. Cook Dividend plan makes more sense, and will effectively keep people in their homes, cost less than any other plan, and rejuvenate toxic assets.