Sununu vs. Bernanke

While Sununu Blocks Relief for Struggling NH Families,
Fed Chairman Says More Needs to Be Done to Reduce Foreclosures

(Manchester, NH) – Last week, Senator John E. Sununu voted to block the Senate from considering legislation to prevent foreclosures and slow the fall in home values. Today, Chairman of the Federal Reserve Ben Bernanke said that more should be done to reduce foreclosures and thereby “promote economic stability for households, neighborhoods, and the nation as a whole.”

The Foreclosure Prevention Act, which Sununu voted to block from Senate consideration, would have helped homeowners who would otherwise go into foreclosure and aided communities in turning over foreclosed properties so they don’t sit unoccupied, attracting crime and driving other home values down. As Bernanke said in today’s remarks, “This situation calls for a vigorous response.”

Click here to read more about Bernanke’s speech today.

“Once again, Granite Staters have a clear view of John E. Sununu’s priorities: protecting his special interest friends in the lending industry at the expense of struggling New Hampshire families,” said Bill Lofy, director of the Stop Sununu campaign of the New Hampshire Democratic Party. “Chairman Bernanke said today what most New Hampshire homeowners already know – this mortgage crisis is serious and potentially long term, and we need action from our elected officials, not just rhetoric. Senator Sununu and his special interest friends may not understand the seriousness of this problem, but Chairman Bernanke and homeowners across the state know that it’s time for action.