Gingrich says Dodd-Frank repeal would alleviate homelessness

Newt GingrichThe solution for families who are becoming homeless is a repeal of the Dodd-Frank Act, according to Republican presidential primary frontrunner Newt Gingrich.

During a gathering in Iowa days before the Iowa caucuses, Mechelle Williams spoke with Gingrich in front of a crowd about her family’s crisis.

“On Feb. 21st the kids and I are going to be homeless,” Williams said, reports. “Iowa Bankers Mortgage is foreclosing. It’s not because I don’t work hard. It’s not because I don’t pay my bill. It’s not because I’m uneducated. I’ve exhausted all of my resources and I’m sadly not the only family in this position. I’m wondering what you might do for those families?”

Gingrich told Williams that his first course of action to help her would be to push for the repeal of the Dodd-Frank Act. The law was signed by President Obama last year as an effort to protect the nation from unfair practices in the financial industry.

Gingrich said that the law creates another layer of regulations that make it difficult for banks to lend money to people like Williams.

Williams said she considers herself to be an independent Democrat and did not feel that Gingrich's response about repealing Dodd-Frank would assist her.

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