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Barack on the mortage crisis

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All across this state there are families who have done everything right but who are now facing foreclosure or seeing their home values just plummet because of the bad decisions on Wall Street and in Washington. Now the other week Senator McCain came out with a proposal that he said would help ease the burden on homeowners, by buying up bad mortgages at face value even though they are not worth that much any more. So here’s the thing Florida: His plan would amount to a 300 billion dollar bailout for Wall Street banks. And guess what, it would be paid for by all of you, the American taxpayer. That might sound like a good idea to the former bank lobbyists who are working on Senator McCain’s campaign, but that’s not the change America needs. We have to act quickly to address this housing crisis. That’s why last March I was calling for us to help innocent homebuyers. That’s why I fought to make sure the recent rescue package gives the Treasury Department the responsibility and authority to help owners avoid foreclosure. But we should not put your tax dollars at unnecessary risk. We should not let banks and lenders off the hook when it was their greed and irresponsibility that got us into this mess. We should not be bailing out Wall Street. We should be restoring opportunity on Main Street. And that’s what I’ll do when I am president of the United States of America. If the American people or going to put up 700 billion dollars to rescue our financial institutions, we should make sure those institutions are doing their part for the American people. That’s why I’ve called for a three-month moratorium on foreclosures. If you are a bank or a lender that’s getting money from the rescue plan, and your customers are making a good faith effort to make their mortgage payments but they need a little bit of time to renegotiate, you will not be able to foreclose on their home for 3 months. Now, we’ve also put in place long-term measures to restore our credit markets and help families refinance their mortgages. But until those measures start working we need to help home owners stay in their homes. And that’s what this foreclosure freeze will do. And while we are at it… there’s another step we can take to help innocent homeowners that won’t cost tax payers a dime. Listen to this: if you only own one home, you are not allowed to write down your mortgage in bankruptcy court. But if you own more than one home… If you own, say, six or seven homes then you can write down your mortgage on your second, your third, your fourth, your fifth, and your sixth, and your seventh home. That might help Senator McCain sleep easier at night but it isn’t right… And this will change when I’m president of the United States of America.

Video Details

Duration: 3 minutes and 2 seconds
Country: United States
Language: English
Genre: None
Producer: OFA
Director: New Media
Views: 374
Posted by: rpena on Oct 20, 2008

Barack Obama spoke about the sub-prime mortgage crisis at a rally in Tampa, FL on October 20th, 2008.

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