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CONTACT: Congressman Dennis Kucinich Nathan White (202)225-5871 |
Kucinich: 'Keep People in Their Homes, the Banks Will Get Their Money as Well'
WASHINGTON - February 11 - 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 principle 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."
3 Comments so far
Show AllAnd if I was too prudent to borrow what I knew I couldn't repay - where does that leave me? I was planning to buy one of those cheap foreclosures whenever the bubble finally burst - so now I get punished for being conservative and living within my means???
I want to congratulate Dennis Kucinich. He is the only congressman who had the guts to use the "h" word - hoarding. No one has had the guts to say that the banks are hoarding the bailout money and crashing the economy. Thank you Dennis and keep up the good work. You are a gem!
Why not let the big boys fail? They won't overlook a payment, I miss, or bail me out. We could have started a new bank(us national credit union or U.S. bank) with half the bail out money and people could still get loan for cars, homes, etc. Seems to me this would have been the way to go. But the average Joe is not Henry P. or Tim G. who obviously are connectted to the big boys in some ways.
**Big boy's = Bear Stearns,AIG,Citi,Fannie,Bank of America, etc..