Political Quotes

“Mr. President, 7 years ago, Wall Street came closer to imploding than at any other time since the Great Depression. Wall Street had stacked the deck for themselves and against consumers by turning a banking system that in the past had helped families and businesses build their prosperity into a casino for Wall Street's own big bets. When things went badly, taxpayers were left holding the bag. While our economy has slowly returned, the memory of the crisis is fresh in the minds of American families--millions of families who lost their jobs, millions of families who lost their homes, millions of families who lost their retirement savings. For this reason, there is broad bipartisan support across America for not allowing the return of the Wall Street casino, with 9 in 10 likely voters saying it is important to ensure they are safe and fair for consumers and that they are designed to build the success of consumers. Through the Wall Street reform bill, we ended predatory home lending practices. We stopped teaser rates that then had exploding interest loans. These loans went from 3 or 4 percent in the beginning, and then, after 2 years, would turn into 9 percent or 10 percent, ensuring that the family was unable to make their payments. We stopped the kickbacks that went to loan originators to steer their unsuspecting home-buyer clients into high-cost loans. We stopped the liar loans designed to fail just after originators got their commissions.…”