Bill may not solve foreclosures woe: key senator
WASHINGTON (Reuters) - The chairman of the U.S. Senate Banking Committee said on Thursday that he plans legislation on predatory lending, but that the solution to the problem of Americans facing foreclosure on their mortgages may not be legislative.
"I intend to work with our colleagues here and others who are interested to introduce legislation to attack the problem of predatory lending generally," Connecticut Democratic Sen. Christopher Dodd said at a hearing on subprime lending.
"We need to deal with the problems of the millions of homeowners who may face foreclosure after being hit with the payment shocks built into their mortgage," he added.
"The solution to this problem may not be legislative. Instead, I would seek to ask leaders from all the stakeholders ... to come together and try to work out an efficient process providing some relief for these homeowners who will be caught in this bind."
