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1 (2012)

handle is hein.cbhear/fdsysaqsp0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION GP FINANCIAL SERVICES AND GENERAL GOV- ERNMENT APPROPRIATIONS FOR FISCAL YEAR 2013 WEDNESDAY, MARCH 28, 2012 U.S. SENATE, SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS, Washington, DC. The subcommittee met at 2:30 p.m., in room SD-138, Dirksen Senate Office Building, Hon. Richard J. Durbin (chairman) pre- siding. Present: Senators Durbin, Lautenberg, and Moran. DEPARTMENT OF THE TREASURY OFFICE OF THE SECRETARY STATEMENT OF HON. TIMOTHY F. GEITHNER, SECRETARY OPENING STATEMENT OF SENATOR RICHARD J. DURBIN Senator DURBIN. Good afternoon. I am pleased to convene this hearing of the Appropriations Subcommittee on Financial Services and General Government. Senator Moran is at the Supreme Court-I do not know why-but will be back momentarily, and I will give him a chance if he would like an opening statement at that time. Welcome to Treasury Secretary Timothy F. Geithner. Glad to have you here. We are going to discuss your Department's critical work in support of economic recovery-particularly programs and policies dealing with the foreclosure crisis. And I am going to raise issues about what I consider to be a looming debt crisis involving student loans and where that will take us. The Department of the Treasury, as you know, plays a key role in promoting economic stability and prosperity, developing policies and strategies to promote not just recovery, but sustainable growth. Now, one of the largest barriers to economic recovery, we have discussed many times, is our struggling housing market. Under the Home Affordable Modification Program, the Treasury Department provides financial incentives for lenders to prevent foreclosures through principle reduction. Our economy, I am afraid, will not make a full recovery until we address the $700 billion worth of underwater mortgages held by more than 11 million homeowners. I believe that around 20 percent of homeowners are affected. There are 3.3 million homeowners cur- rently facing foreclosure.

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