Political Quotes

“last year 1.5 million American households entered foreclosure, and this year the number of American families in danger of losing their homes could be as high as 2 million. These foreclosures could reduce overall economic activity by $166 billion this year as the effects of the mortgage crisis spill over into other sectors of the economy. In my State of Oregon, the foreclosure rate among subprime borrowers increased by 28 percent in the fourth quarter of 2007. Over 5,000 Oregon families are currently in foreclosure, more than half of whom hold subprime mortgages. But this debate is not about facts and statistics. If it were, it would be over by now. By requiring that the holders of debt take a haircut down to 85 percent of current market value, we are sharing the pain. By requiring that people who are working in order to be eligible for this program are paying at least 35 percent of their income in order to be eligible, we are exercising responsibility. What this debate is really about is a matter of values.”