Sen. Reed praised by NY Times
In an insightful piece in today’s New York Times, David M. Herszenhorn details Senator Jack Reed’s (D-RI) steadfast efforts to assist homeowners ravaged by the current mortgage crisis.
Here are a few snippets from the Times article:
“In the West End, with its 19th-century Victorians and clapboard triple-deckers, dozens of homes are up for auction and dozens more have been seized by banks. And Rhode Island, which has the fourth-highest unemployment rate in the country behind Michigan, California and Alaska, is among the top 10 states for subprime foreclosures.
Rhode Island’s housing woes receive little notice compared with the more serious plight of states like Florida and Nevada. Similarly overlooked is Mr. Reed’s central role in clinching an agreement on a foreclosure rescue bill last month — the latest sign of his rising stature as a quiet dealmaker respected by colleagues in both parties. Mr. Reed’s name even appears on some lists as a potential running mate for Senator Barack Obama, the presumptive Democratic nominee.
It was Mr. Reed who accompanied Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, to meet with Senator Richard C. Shelby of Alabama, the committee’s top Republican, when they brokered the final terms of the foreclosure rescue plan, which will widen access to federally insured mortgages without tapping taxpayer money.” (New York Times, June 17, 2008)
“He is to be commended for his tenacity, for his never-give-up,” said Mr. Shelby, who, like Mr. Reed, prefers to flex his legislative muscle behind the scenes.
Senator Charles E. Schumer, Democrat of New York and a fellow member of the banking committee, said Mr. Reed pressed for years to create the affordable-housing fund, and finally found the perfect moment.
“Once again,” Mr. Schumer said, “Jack does it in his quiet, steadfast way, and it is extremely effective.”
“There is sometimes a tendency to assume that everyone in this great country has adequate housing. But when you go to certain places, certain neighborhoods, both urban and rural, you find out that’s not the case, and I think we have to do much more… Average Americans, you know, they don’t have any traction economically. That was always in the back of their mind and sort of part of their financial plan, which is, If I really got into a problem, at least I have the equity in my home, I can use that. Now, they don’t know if they do, and in many cases they don’t.” -Senator Jack Reed, (New York Times, June 17, 2008).
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