Stabilizing the Housing Market
Assistant Secretary for Financial Stability Herbert M. Allison Written Testimony on Stabilizing the Housing Market before the Senate Banking Committee Written Testimony Stabilizing the Housing MarketChairman Dodd, Ranking Member Shelby and members of the Committee, thank you for the opportunity to testify today about the Treasury Department's comprehensive initiatives to stabilize the US housing market and support homeowners. Introduction A strong housing market is crucial for our economic recovery. It is a fundamental source of wealth and well-being for individual families and communities and plays a key role in our financial system. The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn. Today, I want to outline the steps that Treasury and the Administration have taken to address this crisis, help millions of homeowners and lay the foundation for economic recovery and financial stability.