PROBASCO
10-24-2011, 11:08 PM
House Dems: Obama's response to mortgage crisis is insufficient
By MIke Lillis - 10/24/11 01:05 PM ET
Just hours after the Obama administration unveiled enhancements to its anti-foreclosure efforts, House Democrats are already saying it doesn’t go nearly far enough to help the millions of homeowners still struggling from the housing bust.
“It’s far too little, it’s just baby steps,” Rep. Dennis Cardoza (D-Calif.), a longtime critic of the administration's housing policies, said in a phone interview. “They're still not getting it.”
Cardoza, who announced last week he’ll retire at the end of 2012, noted that the housing collapse was a leading cause of the recession but among the last to be addressed.
“We need to excise the cancer that caused the illness before the patient can recover,” he said.
Rep. Lois Capps, another California Democrat critical of the administration's foreclosure-prevention efforts, echoed that concern Monday, saying “much more is needed” to stabilize the struggling housing market.
“Today’s announcement is an encouraging step forward, but it is only one of a number of steps needed to fully address the growing foreclosure crisis," Capps said in an email.
Cardoza: Mortgage crisis 'crushing my constituents'
the rest of the story: http://thehill.com/homenews/house/189367-house-democrats-hammer-new-obama-housing-plan-as-insufficient
By MIke Lillis - 10/24/11 01:05 PM ET
Just hours after the Obama administration unveiled enhancements to its anti-foreclosure efforts, House Democrats are already saying it doesn’t go nearly far enough to help the millions of homeowners still struggling from the housing bust.
“It’s far too little, it’s just baby steps,” Rep. Dennis Cardoza (D-Calif.), a longtime critic of the administration's housing policies, said in a phone interview. “They're still not getting it.”
Cardoza, who announced last week he’ll retire at the end of 2012, noted that the housing collapse was a leading cause of the recession but among the last to be addressed.
“We need to excise the cancer that caused the illness before the patient can recover,” he said.
Rep. Lois Capps, another California Democrat critical of the administration's foreclosure-prevention efforts, echoed that concern Monday, saying “much more is needed” to stabilize the struggling housing market.
“Today’s announcement is an encouraging step forward, but it is only one of a number of steps needed to fully address the growing foreclosure crisis," Capps said in an email.
Cardoza: Mortgage crisis 'crushing my constituents'
the rest of the story: http://thehill.com/homenews/house/189367-house-democrats-hammer-new-obama-housing-plan-as-insufficient