The escalating housing crisis is devastating communities, shaking our economy, and putting the financial security of millions of families at risk. Newly released data shows that 1.3 million households received foreclosure notices last year. Mounting foreclosures are contributing to the weakness in house prices, and therefore even families who are not at risk of losing their homes are affected. The decline in home prices has already cost families an estimated $1.6 trillion.

In response to this crisis, I recently introduced the Mortgage Refinancing Initiative of 2008, which will provide an opportunity for at-risk households to refinance unworkable mortgages. Since the crisis began last year, I have urged regulators and the mortgage industry to take the necessary steps to end the foreclosure crisis and ensure that it never recurs. Last year I reintroduced the 21st Century Housing Act, which strengthens the Federal Housing Administration (FHA), makes FHA loans available to more Americans, and expands access to a responsible and stable alternative to the subprime market. I has also introduced the Home Ownership Preservation Act which eliminates abusive lending practices, cracks down on unscrupulous brokers, expands the foreclosure prevention initiatives at Fannie Mae and Freddie Mac, and provides financial assistance to states to expand their foreclosure prevention programs. I called on the mortgage industry and Wall Street to observe a 90-day moratorium on subprime foreclosures, a 5-year freeze in rates on subprime adjustable rate mortgages, and proposed $30 billion in assistance to states and communities to fight foreclosures and offset the costs associated with mounting vacancies.

Listed below are some of my statements on this issue.