Home ownership is the American dream. It’s having that special place where you can raise a family. It’s the very foundation of our communities.

But as you know, our nation is facing a severe housing crisis. It’s throwing the stock market and the U.S. economy into turmoil. And few are feeling the pain more than we are.

Here in Michigan, we know that when families are driven from their homes, communities are destroyed and ALL of us lose. And, that’s why we are working to save the dream.

Just last week, I met with representatives of the nation’s leading mortgage servicers to find solutions that will protect consumers and homeowners. In our meeting, the mortgage servicers agreed to take a number of actions to protect homeowners facing possible foreclosure. Among those actions:

We are ready to add 34 new state regulators to keep watch over the mortgage industry and protect consumers, including 19 examiners and additional enforcement staff to ensure that consumers are being protected in the mortgage lending process.

Last fall, I proposed – and the state House approved – a plan to give people facing foreclosure new refinancing options through the Michigan State Housing Development Authority. As this crisis continues to take its toll on Michigan families, I urge the Senate to move quickly and finalize this vital legislation to give options for families facing foreclosure; we want them to save the dream.

We have put in place a special program devoted to providing information on helping families save the dream. You can access that information by calling toll-free 1-866-946-7432, or by visiting www.michigan.gov/savethedream

Finally, to help people from getting into financial trouble in the first place, I have renewed my call for a ban on predatory lending practices in Michigan – a ban that is, again, awaiting legislative approval.

We will act, and we will act now to protect our neighbors and our communities. We know that our future and our Michigan way of life depend on it.