Political Quotes

“Mr. President, I rise to tell a very important story. Some of my colleagues have heard me talk previously about a woman named Tecora, a homeowner from south Minneapolis who is at risk of losing her home. Back in 2005, Tecora was looking for a mortgage and said she asked her bank for a conventional mortgage with fixed payments. Presented with a series of options, she unsurprisingly chose the cheapest one. Yet the simple option got her an exotic mortgage called an option ARM or an adjustable rate mortgage. Now her monthly payments have doubled over time and Tecora now owes $317,000 on a $288,000 loan. During the housing bust and paying double what she was initially paying on her mortgage, Tecora started having trouble with her payments. Hoping to save her home, Tecora entered President Obama's HAMP program which is intended for people who want to avoid foreclosure. One day, however, her mortgage servicer informed her that her file was closed because she ``voluntarily left the HAMP program.'' Here is the problem. She didn't. She never did. Tecora never asked that her file be closed. She never tried to leave the program. Now every day she worries anew about losing her home simply because her servicer made a mistake. Tecora worked hard her whole life, but now she looks to the future in fear. ``I'm squeaking by,'' she told the Minneapolis Star Tribune, ``by the plaque on my teeth.'' As USA TODAY reported in March, these kinds of problems happen all too frequently.…”