Press Release from the Office of Senator Martinez:

WASHINGTON – U.S. Senator Mel Martinez (R-FL) today called for additional action to help stabilize housing prices and stop the onslaught of foreclosures plaguing Florida and the nation. Senator Martinez’s comments came during an oversight hearing held by the U.S. Senate Banking Committee.

“Until we do something about the foreclosure crisis, until we stop the bleeding and find a floor for the downward spiraling home prices, our economy will continue to suffer; more and more families will suffer,” said Martinez, a member of the Senate Banking Committee. “We have to get the focus back on the core of this crisis.”

Senator Martinez recently held several regional roundtable discussions in Orlando, Tampa, and Miami to hear from members of the banking, development, and real estate communities about the $700 billion rescue plan, where it’s working, and where it could use improvements.

With representatives from several major banks appearing at today’s committee hearing, Senator Martinez asked what efforts are being made to help keep families in their homes.

“Until we take a bolder, more systematic approach to loan modifications ... we will not make significant headway with this crisis,” Martinez said.