Political Quotes

“Mr. President, I rise to speak about an issue of great importance, the foreclosure crisis, and the fears and frustrations of American families who are at risk of losing their homes. Wherever I go in Minnesota, people tell me horror stories about losing their homes to foreclosure. I am sure the same is true of the Presiding Officer when he goes home to Virginia. The foreclosure crisis strikes at the heart of the American dream, threatening Americans' life savings, family lives, and what they have achieved. The President took a big step in addressing this crisis when he created the HAMP program which encourages mortgage servicers to modify home loans to help people avoid foreclosure. But it is often difficult to implement complex programs and HAMP is no exception. When HAMP works, it can be great. It can literally save people's homes. But too often homeowners who try to use the HAMP program find themselves involved in a bureaucratic process that is riddled with errors. These are errors that have serious consequences for people's lives. Take a woman named Tecora who is a homeowner from south Minneapolis. Incidentally, she is someone who actually would have been helped by a Consumer Financial Protection Bureau. Several years ago, she bought a house with an option ARM or adjustable rate mortgage, where the mortgage payments increased dramatically over the years. Someone should have told her that the teaser rate her lender offered her might be misleading.…”