Statement from Mike Calhoun President - Center for Responsible Lending Responding to President Obama's 2010 State of the Union Address January 27, 2010

WASHINGTON, Jan. 28 /PRNewswire-USNewswire/ -- Last night the President highlighted the need for jobs and health care reform for middle-class families, but Americans also need relief in the housing market and financial reform.  

First, we need stronger measures to stop preventable foreclosures. The financial crisis started in the housing market, and foreclosures continue to drag down the entire economy. Banks should be required to take reasonable steps to help families stay in their homes.

Second, we urge the President and Congress to create a strong, independent watchdog over the big banks to make sure they don't cause another crisis and to safeguard families from unfair lending practices.

Standing up for the middle class means standing up to powerful interests.  The financial companies that caused this crisis -- and received a bailout from taxpayers -- are now spending hundreds of millions of dollars on lobbying to prevent needed reforms. They should not be allowed to stand in the way of fixing the loose rules that permitted them to gamble with the economy.

The protection of homes and the reform of lax financial rules are critical to American families and to the recovery of our economy.

About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.

SOURCE Center for Responsible Lending