President Bush delivered a speech on the subprime mortgage crisis this afternoon.
Here's how Barack responded:
For six years, the President and Congress have allowed lending industry lobbyists to block sensible regulations that could have prevented this crisis in the first place. Now, after many Americans have seen their homes, their credit histories, and their financial well-being jeopardized the President is finally offering a proposal that helps a small fraction of homeowners. These are welcome steps, but the President’s proposal does not go far enough. I have called for a plan that will help far more struggling borrowers avoid foreclosure, crack down on unscrupulous lenders with new penalties and disclosure requirements, and reduce the influence of lobbyists so that we will not face a crisis like this ever again.
In case you missed it, make sure you read Barack's op-ed on predatory lending in the Financial Times.
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