Rep. Fattah On Mortgage Settlement: Good Start

Statement

Congressman Chaka Fattah (D-PA), the senior Democrat on the House Appropriations Subcommittee on Commerce, Justice, Science and related agencies, which oversees funding for the U.S. Department of Justice, issues this statement following today's announcement that DOJ has reached a $26 billion agreement with five of the nation's leading banks that will provide a million former and current homeowners some assistance:

"Attorney General Eric Holder has finalized an important -- if belated -- arrangement that brings significant relief to homeowners who are still experiencing difficulty in making their monthly payments. It also sets out a path to make banks and lenders accountable and to bring to justice those who have committed fraud, if not outright theft, as they made a mockery of the mortgage industry.

"As the President said, more must be done, and there's no excuse. I urge my colleagues in Congress to take the next step and pass the Administration proposal that would help underwater borrowers who are current on their payments to refinance their mortgages and save up to $3,000 per year.

"We've made a good start. And now we have the momentum to end the housing and mortgage debacle and restore the American Dream of home ownership."

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