Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today regarding the foreclosure settlement agreement:
"I agree that wrongdoers should be punished and that those who were wrongfully harmed during the foreclosure process should be compensated. However, we shouldn't fool ourselves into believing this is the medication we need to cure our ailing housing market. While this announcement may give the Obama administration some positive headlines, it will do absolutely nothing to fix the structural deficiencies of our nation's housing system. Transferring wealth from one block of Americans to another is no way to fix the problem. The only way to correct the housing slowdown and spur economic recovery is to get the government out of the way so that the private market can step back in."