Political Quotes

“for months and months almost every newspaper in the country has been filled with stories of the tremendous toll the housing crisis has taken on communities across our Nation. My State set an unenviable record for foreclosures last year--more than 83,000, according to Ohio's Supreme Court. That is more than 200 every day of the week--Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, and Sunday. Every week 1,500 families lose their homes. Almost 4 percent of all home loans in Ohio are in foreclosure, the highest rate in the Nation. The end is nowhere in sight. In Ohio, there are another 120,000 home loans that are delinquent. Nationally, one rating agency is now predicting a 50-percent default rate for subprime loans made in the fourth quarter of 2006, many of which will reset in the fourth quarter of this year. Think about that. One of every two subprime loans made in the fall of 2006 will go bad. That is not lending, that is gambling with someone else's home. In the face of this crisis, the Bush administration has largely taken the view that prosperity is around the corner; the Government need not do anything; voluntary efforts and market forces will be enough.”