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Obama Urges Bernanke, Paulson to Fight Foreclosures, Hold Homeownership Summit

Monday, 24 Mar 2008

On Thursday, March 22nd, 2007 U.S. Senator Barack Obama sent a letter to Federal Reserve Chairman Bernanke and Treasury Secretary Paulson urging them to immediately convene a homeownership preservation summit with key stakeholders to fight foreclosures driven by growth in the subprime mortgage market. Obama’s economic foresight has largely been overlooked owing to such “news” as the dialog surrounding his use of the smears of his long-time pastor as the catalyst for a major speech on values in Philadelphia earlier in the week (widely characterized as about race-relations in the U.S.) and significant inconsistencies between Senator Clinton’s recollection of her trip to Bosnia as First Lady and news coverage at the time – which makes no reference to significant risks, let alone discusses sniper fire.

The text of Senator Obama’s letter, which is consistent with his policies on fiscal responsibility and the economy in general as detailed in his widely publicized Blueprint for Change, is on the U.S. Senate web site. Wish they had listened…

…My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation.

Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy…

Senator Barack Obama

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4 Comments leave one →
  1. Thursday, 2 Oct 2008 15:20 pm

    There could be many reasons for a person to promote policies of deregulation, not all of them good. Will you take a moment to do a 1 question poll about the negative aspects of deregulation? If yes, thank you very much.


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