Washington - After Fed Chairman Ben Bernanke said today that the Fed would work to curb abusive practices in subprime mortgage lending, U.S. Senator Robert Menendez (D-NJ), member of the Senate Banking Committee, released the following statement:

"I applaud and appreciate Chairman Bernanke's commitment to helping do away with many of the abusive practices that have contributed to the tsunami of foreclosures in this country. I look forward to working with him as we further develop solutions.

"I continue to believe that this commitment must also be met by Congressional action that would eliminate predatory lending and otherwise help strengthen the mortgage lending system so that we can prevent mass foreclosures in the long term. The force of law will most effectively and efficiently help solve the underlying problems. The Fed's action will take us a long way, but we need to go the extra mile to solidify the mortgage lending system."

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