Political Quotes

“each day that goes by, the depth and severity of our country's subprime mortgage foreclosure crisis emerges. It is very difficult. This week I spoke to former Secretary of the Treasury Rubin. I spoke also to the present Secretary of the Treasury, Mr. Paulson, and they both recognize we have some severe problems with our subprime mortgages. This is very deep. It is very hard. Hundreds of thousands of mortgages are now delinquent nationwide-- hundreds of thousands. That is fully twice as many as last year, and last year was not a good year. The most alarming fact is this could be just the beginning. Experts agree as more mortgage rates continue to expire, not thousands, not tens of thousands, but hundreds of thousands of American families could be at risk. When these introductory ``teaser'' rates expire, these teaser rates where they tease people into taking these loans, sometimes that they couldn't afford--a lot of times that they couldn't afford--when these higher rates arrive, the mortgages that many families can afford today will become impossible to pay off tomorrow. This will leave many with just two options: lose their homes or try to work something out on refinancing. That is what this is all about. Some say if a borrower gets into financial trouble, it is their obligation and it is their responsibility to find a way out. That is not true.…”