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FOR IMMEDIATE RELEASE
March 27, 2008
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Contact: Zach Goldberg
202-225-5801 (office) |
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HOLT STATEMENT ON PRESIDENT BUSH’S FRIDAY
VISIT TO FREEHOLD TO DISCUSS HOUSING CRISIS
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(Washington, D.C.) – Rep. Rush Holt (NJ-12) released the following statement in advance of President Bush’s Friday visit to Freehold, where he will discuss the housing crisis:
“While I appreciate the President will highlight the good work of Novadebt – which is providing financial education and housing and credit counseling services to families throughout the country – this is not a complete response to the housing crisis. We are not in this crisis by accident. The President seems to think that if only homeowners were more informed and responsible in their mortgage actions, they wouldn’t be in this predicament. In fact, the current economic policy – government deregulation and a lack of oversight of the speculation and trading by the mortgage and housing industries – has had a devastating impact on our families and on the economy as a whole.
"We should be strengthening consumer protections against risky loans and expanding affordable mortgage loan opportunities for families at risk of foreclosure. Historically, we have had a stronger stock market when the SEC is most diligent in making sure trading rules are followed. Likewise, we would have fewer mortgage foreclosures if the government prevented mortgage companies from engaging in shady practices.”
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