Searchlight, NV—Senate Majority Leader Harry Reid made the following statement today after President Obama announced his plan to address the ongoing foreclosure crisis:
“Families across the nation and especially in Nevada suffer every day the devastation of losing their homes. For them and for the millions of neighbors and businesses this housing crisis hurts, we must act urgently and responsibly. President Obama’s plan does just that.
“Democrats have known for many months that voluntary measures by industry alone will not solve the problem, and the Obama Administration shares this view. President Obama’s refreshing new plan will help prevent foreclosures before they begin, improves the chances of stabilizing neighborhoods and the greater housing market, and avoids rewarding speculators.
“This plan will start to rebuild the communities hurt by foreclosures because we all have a stake in curing this epidemic. It will help families with unaffordable monthly payments and those who owe more on their mortgage than their home is worth. And it importantly recognizes that because record-high foreclosures are the root of the broader economic crisis, we must responsibly commit significant resources to help Americans keep their homes if we are to prevent a bad situation from getting worse.”