Political Quotes

“today I rise to express my dismay regarding the housing crisis. It's a multifaceted housing crisis. It's a mortgage crisis for home buyers. It's an inventory crisis for the affordable rentals. It is an investment crisis for public housing. Two top executives at Countrywide Financial are expected to receive a combined golden parachute totaling $19 million, and while these top executives cash out their stock options, hardworking Americans are left struggling, trying to prevent the loss of their homes and ultimately their financial ruin. It is truly incredible how the Bush administration, SEC Chairman Cox, Treasury Secretary Paulson, and Federal Reserve Chairman Bernanke have seen fit to extend billions of dollars for a Wall Street bailout but won't provide additional, adequate aid to borrowers fighting every day to save their properties. Today, we are looking at one of the biggest financial catastrophes since the Great Depression. Brooklyn, New York, has five of the top 10 neighborhoods with the highest subprime lending rates, including East Flatbush, which is located in my district. Madam Speaker, after analysis and examination, the sharp increases in foreclosures are connected to predatory lending practices from abusive lending institutions. New York City will likely see more than 10,000 foreclosures this year, which is roughly double the number of foreclosures in 2004.”