Barack Obama said "It is a huge disaster. We've got 7,000 foreclosures a day. If we had implemented some simple reforms around Fannie Mae and Freddie Mac, if we had had some serious efforts to curb predatory lending, a lot of these problems that we've seen could have been prevented." @ PoliticalQuotes.com

On the recordJuly 14, 2008

It is a huge disaster. We've got 7,000 foreclosures a day. If we had implemented some simple reforms around Fannie Mae and Freddie Mac, if we had had some serious efforts to curb predatory lending, a lot of these problems that we've seen could have been prevented.

Said by

Barack Obama

Democratic · Illinois

Source

transcripts.cnn.com

Editor's note · Context

Obama addresses the mortgage crisis and suggests reforms that could have mitigated its impact.

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