Reid: Republicans Should Be Ashamed for Causing Housing Pain

Senate Majority Leader Harry Reid (R-Nev.) blamed Republicans for holding up the housing bill and causing a delay that is hurting homeowners.

“The Republicans should be ashamed of themselves for causing the pain and suffering to the American people that they have,” Reid said Friday at a news conference.

Reid and Democrats are pressing Republicans to allow passage of the bill, which would provide relief for homeowners facing foreclosure and for embattled mortgage giants Fannie Mae and Freddie Mac. The legislation, which the House has passed and the president has said he would sign, would also strengthen oversight of the two government-sponsored mortgage companies and increase access to home loans in high-cost areas.

Reid said Friday that this week’s reports of slower home sales and increased foreclosure filings show the import of the bill. The Senate is expected to vote on the bill Saturday.

“The stalling that has taken place for 18 months is evident in this housing bill as much as in any other one thing they’ve done,” he said. “Six of their almost 90 filibusters have been on this one bill. And during this period of time, hundreds of thousands of people have received foreclosure notices, and thousands and thousands have had their homes foreclosed upon. It’s damaged neighborhoods. It’s devastated local governments and state governments with the tax revenues. And it’s made the banking industry very, very shaky.”