Posted on 10/06/2008 2:23:54 PM PDT by pabianice
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Hah! At first I thought you forged this letter as a joke (a la, the Onion). Then after I read the posts below I realized this is for real... I still half think I'm falling for the joke letter -- but this letter says to ease loan restrictions. Its proposing a solution by tossing more gasoline on the burning embers... May work when trying to 'burn-out' a fire (a technique I can't say that I completely grasp -- but the experts seem to pull it off) -- but not the wisest course to steer when dealing with a Financial crisis...
IF that letter is real -- these people are insane if they think it shows Mr. Obama was providing any useful warnings. He was as useful as an arsonist gone mad at the start of fire...
Also, isn't it true that Obama never introduced substantial legislation? Or is he equating signing on as a co-signer an "introduction?" That's like jumping out in front of a marching band marching down the street and yelling out "follow me!"
Thanks, I will—and he really should be called on it!
Wow! He’s really concerned. A whole 30 words! That’s hard hitting. (Oct. 3, 2006)
And he really is asking “to further ease the availability of low-interest, high risk loans.” Yeah, that’s going to help.
It’s a lie.
McCain tried to reign them in in 2006, not Obamanation.
Thanks for the edit. :-)
Fact check is a left wing PROPAGANDA site. Let’s see Obama talk about Odinga, I can’t wait to see the stuttering and stammering.
http://www.youtube.com/watch?v=S8QcpdUtxNQ
How about Obama openly campaigning for his communist cousin Odinga who signed a pact with Muslims to enact Sharia Law if elected and started riots when he lost. Obama campaigned for an openly Anti-American candidate in a foreign country in 2006.
That was one of B Clintons tricks. When he was on the wrong side of an issue he would recommend a summit to get problems resolved. Remember him talking to union loggers in Oregon in 1992. They were concerned about restrictions to logging because of the spotted owl. Clinton said if elected he would hold a summit to get that resolved. Bush (elder) said he would do everything he could to make sure the the endangered species act was not used as a weapon to prevent logging. The union leaqders supported Clinton much to concern of the union members.
In all fairness, so does Comrade Juan McNuts.
At this point I figure that anything positive about BO is probably a lie. The guy has about as much redeeming value as John Kerry or Al Gore.
Scooooorrrre! Excellent find!
Any democrat that introduced any kind of bill to reign in Fannie Mae would be hated by all the other democrats.
The only thing Obama was concerned about was keeping people in their homes at the expense of the American taxpayers.
Contact: Ben LaBolt
WASHINGTON, DC -- U.S. Senator Barack Obama today 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.
(this is a warning?) The text of the letter is below:
Dear Chairman Bernanke and Secretary Paulson,
There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.
We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.
Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody’s interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets.
The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators’ Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:
What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.
How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty.
How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical. (read ACORN)
How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage.
How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.
How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.
Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. 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. (it didn't)
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. Please don’t let this opportunity pass us by.
Sincerely,
U.S. Senator Barack Obama
So the Messiah asked for it. If he is so persuasive, why didn't anyone listen to his punk ass?
Didn’t he sponsor the Global Poverty something or other where he wanted to GIVE more of our tax money to the UN?
Ooh! That’s gonna leave a mark.
“....she’s confusing McCain’s action versus Obama’s inaction...”
No confusion .... the traitor party is panicked, that’s an outright lie, again.
The lights have just been turned on, the rats will run.... off at their moths, and lie about anything.
What bovine excrement. He wanted more risky loans.
Dear Secretary Paulson,
I fear there will be a serious financial crisis among those Americans most in need if immediate action is not taken to further ease the availability of low interest high-risk loans.
Sincerely,
Barack Osama
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