Kucinich: 'Keep People in Their Homes, the Banks Will Get Their Money as Well'
WASHINGTON - 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."