Dodd Criticizes President Bush for Failure to Act on Subprime Crisis

Statement

DODD CRITICIZES PRESIDENT BUSH FOR FAILURE TO ACT ON SUBPRIME CRISIS

Presidential Candidate Chris Dodd today made the following statement after the President's speech on the subprime market crisis:

"For months, and while others have raised the alarm and fought for action, this President has sat on his hands while the specter of foreclosure hung over too many American families. Indeed, he could have raised portfolio caps as I had suggested, but he failed to do that, just as he failed to join our fight against predatory lending over the last six years.

"While his proposal today may not be too late, it is definitely too little. It doesn't cover enough people, and those that are covered don't get enough help.

"Addressing this problem is going to require bold ideas and real proven leadership - not tardy, half measures. This is a time for Presidential leadership; not a band-aid proposal, but comprehensive action to address the real cause of the crisis. That is why I have been fighting for immediate action and long term reform in the United States Senate, and why I have offered a detailed plan to add liquidity to the market, crack down on predatory lending practices, and reform the FHA."

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