2008.10.14: October 14, 2008: Headlines: Figures: COS - Dominican Republic: Politics: Congress: Election2008 - Dodd: Banking: Hartford Courant: Dodd says Bailout for Regular Folks Should Be Next
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2008.10.14: October 14, 2008: Headlines: Figures: COS - Dominican Republic: Politics: Congress: Election2008 - Dodd: Banking: Hartford Courant: Dodd says Bailout for Regular Folks Should Be Next
Dodd says Bailout for Regular Folks Should Be Next
During the lame-duck congressional session in November, he'll introduce either a standalone bill or push his ideas as a portion of a possible economic stimulus bill. He wants to make changes in four areas:a 90-day moratorium on home foreclosures; reform to credit-card marketing and billing practices that foster difficult-to-reverse consumer debt; an increased prohibition on predatory mortgage lending practices; and reform to bankruptcy laws, specifically the inability for people to protect their homes when entering bankruptcy. Giving people a temporary protection from foreclosures while the government and industry work out their foreclosure-prevention efforts would "give us an opportunity to get our footing," Dodd said. "We think that would be a welcome piece of news." Senator Chris Dodd of Connecticut served as a Peace Corps Volunteer in the Dominican Republic in the 1960's.
Dodd says Bailout for Regular Folks Should Be Next
Dodd: Bailout for Regular Folks Should Be Next
By Jesse A. Hamilton
October 14, 2008 4:46 PM |
Sen. Chris Dodd stood in front of reporters at the election-emptied Capitol this afternoon to talk about the ongoing economic bailout efforts, but he also took the opportunity to announce he'll be pushing a four-pronged plan to help out people having a hard time with their mortgages and other debts issues.
During the lame-duck congressional session in November, he'll introduce either a standalone bill or push his ideas as a portion of a possible economic stimulus bill. He wants to make changes in four areas:
* a 90-day moratorium on home foreclosures
* reform to credit-card marketing and billing practices that foster difficult-to-reverse consumer debt
* an increased prohibition on predatory mortgage lending practices
* and reform to bankruptcy laws, specifically the inability for people to protect their homes when entering bankruptcy
Giving people a temporary protection from foreclosures while the government and industry work out their foreclosure-prevention efforts would "give us an opportunity to get our footing," Dodd said. "We think that would be a welcome piece of news."
Lending practices for sub-prime mortgages -- "luring people into financial arrangements that they could not afford" -- were partially to blame for the collapse, Dodd argued again, so government regulations should be increased. And the same goes for bad credit-card practices, he said.
And the rules for bankruptcy should allow for people to protect their homes.
Dodd espoused those general ideas, but he didn't offer further details. "These are areas where I think the American consumer could benefit," he said, adding that he'd "utilize the lame-duck session" of Congress after the November election.
He also said he'd spent an hour with Treasury Secretary Henry Paulson today, talking about the first steps of the economic rescue efforts for financial institutions. The senator said he supported the initial moves of direct cash investment in U.S. banks.
Dodd said his Senate banking committee will examine the program as early as next week.
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Headlines: October, 2008; RPCV Chris Dodd (Dominican Republic); Figures; Peace Corps Dominican Republic; Directory of Dominican Republic RPCVs; Messages and Announcements for Dominican Republic RPCVs; Politics; Congress; Election2008 - Dodd; Banking; Connecticut
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Story Source: Hartford Courant
This story has been posted in the following forums: : Headlines; Figures; COS - Dominican Republic; Politics; Congress; Election2008 - Dodd; Banking
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