Does anyone know where to find the Senator Obama speech

[dorktv]

if any, on the mortgage loan issue? The only thing I could find was the standard blathering.

[mrreowwr_kittty]

1. In his most recent speech on the economy, he did address the issue

Whether or not you characterize it as "blathering" is your call.

...Senator McCain argues that government should do nothing to protect borrowers and lenders who’ve made bad decisions, or taken on excessive risk. On this point, I agree. But the Dodd-Frank package is not a bailout for lenders or investors who gambled recklessly, as they will take losses. It is not a windfall for borrowers, as they will have to share any capital gain. Instead, it offers a responsible and fair way to help bring an end to the foreclosure crisis. It asks both sides to sacrifice, while preventing a long-term collapse that could have enormous ramifications for the most responsible lenders and borrowers, as well as the American people as a whole. That is what Senator McCain ignores.

For homeowners who were victims of fraud, I’ve also proposed a $10 billion Foreclosure Prevention Fund that would help them sell a home that is beyond their means, or modify their loan to avoid foreclosure or bankruptcy. It’s also time to amend our bankruptcy laws, so families aren’t forced to stick to the terms of a home loan that was predatory or unfair.

To prevent fraud in the future, I’ve proposed tough new penalties on fraudulent lenders, and a Home Score system that will allow consumers to find out more about mortgage offers and whether they’ll be able to make payments. To help low- and middle-income families, I’ve proposed a 10 percent mortgage interest tax credit that will allow homeowners who don’t itemize their taxes to access incentives for home ownership. And to expand home ownership, we must do more to help communities turn abandoned properties into affordable housing.

The government can’t do this alone, nor should it. As I said last September, lenders must get ahead of the curve rather than just reacting to crisis. They should actively look at all borrowers, offer workouts, and reduce the principal on mortgages in trouble. Not only can this prevent the larger losses associated with foreclosure and resale, but it can reduce the extent of government intervention and taxpayer exposure...



http://www.dailykos.com/story/2008/3/28/32042/8835/784/485336

[Ysabel]

2. i wish we had a negative rating button or thinga-ma-whatever for threads...

- i like your post however thecatburgler...

[bhikkhu]

3. Link from the source:

http://my.barackobama.com/page/community/post/samgrahamfelsen/Cmzm