As our economy recovers from challenges that it has not seen in generations, American families are struggling to make ends meet, concerned about possible unemployment, and facing foreclosure and other difficult financial decisions. Irresponsible lending and borrowing have left many Americans with homes that they cannot afford, and the sharp increase in foreclosures has had a cascade effect on our economy as property values have diminished and families have lost their investments.
The mortgage crisis has been at the root of the financial turmoil and economic recession facing our nation, and I strongly believe that addressing the high rate of foreclosures and plummeting value of homes is necessary for our economy to recover. It is important to remember that despite the current crisis, the vast majority of American mortgage holders are making their payments in full and on time. Some are struggling to do so, and I support a responsible approach to this problem that allows individuals who want to stay in their homes to do so without proliferating the current problems through irresponsible loans or taxpayer bailouts.