Washington - Today, President Barack Obama unveiled a $75 billion program to help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. U.S. Senator Robert Menendez (D-NJ), Chairman of the Senate Banking Committee's Subcommittee on Housing, Transportation and Community Development, reacted to the President's foreclosure relief plan:
"Since March of 2007, when I first suggested that a tsunami of foreclosures was about to hit, I had been asking the previous administration to take greater steps to help families avoid foreclosure-and those requests fell on deaf ears," said Senator Menendez.
"I am glad to see President Obama take some important steps to provide real relief to American families. Foreclosures are in no one's interest-not the family's, not the bank's, and certainly not the community's. There have been 8,000 new foreclosures in New Jersey since January 1st. Now is the time to help stabilize the housing market and keep families in their homes. As the new Chairman of the Banking Committee's Housing Subcommittee I look forward to reviewing the details of the President's proposal and working with the administration to revitalize our economy."
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