Political Quotes

“much has been said about how we got into this situation, although someone said it best, I thought: too little oversight, too much greed, too little understanding. But there are several things we do understand. There is no single cause for why we got into this housing crisis, so there is no single solution. But second, we must act now. This March, there was a 57 percent increase in the number of defaults than the previous March a year ago. And of all of the adjustable rate mortgages that will be reset this year to a higher interest rate, 80 percent are the subprime category. Those subprime categories are at a delinquency twice that of a fixed rate. In short, even before the interest rates go up, we have so many people who are already in trouble with their loans. Third, and most importantly, this is not just about the homeowner or the mortgage lender, this is about all of us. What we have seen is not just harming the housing and manufacturing industries, it has seeped over into the bond market for municipal bonds and even for education to where, because of the exposure of bond insurers, we cannot have bonds that are being given in these categories. So, therefore, I think very highly of this bill. I think this bill is done in the right way. It is providing relief to actual, real people, those living in homes, not speculators. Second, it steps over and it doesn't give any bailout to lenders.”