Senator Murray Responds:
Dear Mr. Kirsch:
Thank you for writing me about the current downturn in the housing market and the federal government’s role in responding. I appreciate hearing from you on this important issue.
As you know, growing losses in subprime mortgage markets have recently had a negative effect on the United States economy. Thousands of people are on the brink of losing their homes to foreclosure, and as a result many financial institutions have been faced with bankruptcy as consumer confidence in mortgage-backed securities has decreased. I share many of your concerns regarding the appropriate manner for Congress and the Administration to respond to this situation.
