Glenn Nye Statement on Increase in Virginia Foreclosures In March

GLENN NYE STATEMENT ON INCREASE IN VIRGINIA FORECLOSURES IN MARCH
"Independent leadership on this crisis is long overdue. While Washington politicians bicker and posture along partisan lines, Americans are losing their homes."

Virginia Beach, VA -- 2nd District Congressional Candidate Glenn Nye today released the following statement in response to the increase of foreclosures in Virginia in March:

"Today’s report that home foreclosures in Virginia soared nearly 18 percent in March is further evidence of our mounting housing crisis. The American dream of home ownership is built on responsibility—the responsibility of homeowners to make payments on time and the responsibility of lenders to provide fair market rates that do not prey on the consumer. Unfortunately, we now see a 31% increase of Virginians having their homes repossessed because of bad lending standards. It is time for our leaders in Washington to also be responsible and take action to ensure that our housing market does not go into full-scale meltdown," Nye said.

"Congress and the Administration must put partisanship aside and work together to provide immediate relief to families so that they can stay in their homes, enact homeowner education to halt preventable foreclosures and provide a framework under which American homeowners do not get stuck in ARMs and subprime mortgages that put their homes at risk. Independent leadership on this crisis is long overdue. While Washington politicians bicker and posture along partisan lines, Americans are losing their homes."

Background

• Foreclosures in Virginia jumped during March, firm says [Virginian-Pilot 4/16/2008]

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