Today, as the US and Iraq agree to a timetable, let us celebrate McCain's judgment

2008-08-21T21:04:15Z

http://current.com/items/89224659_if_enough_people_see_this_video_mccain_is_finished

Controlling the Narrative

2008-04-08T01:12:43Z

Ben Smith at Politico points to an interesting blog post by Gorshem Gorenberg.

I thought it was thoughtful and enjoyed reading it. As a 33 year old women from the U.S., what I find most interesting is that for me, and many of my generation, when Obama talks about a reality "in which whites and blacks are working together" he is speaking OUR narrative. We hear the narratives of the Rev. Wrights, the Geraldine Ferraros, as well as the Baby Boomer women who see Hillary Clinton as just desserts for years of sexism, and we don't identify with it.

It is the narrative of unity and understanding that speaks to post - Baby Boomers and that is one reason why we overwhelmingly support Barack Obama.

Obama's Year Old Letter to Bernanke and Paulson Regarding Housing Crisis

2008-03-24T17:00:10Z

Link

March 22, 2007

The Honorable Ben Bernanke
Chairman
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551

The Honorable Henry Paulson
Secretary
U.S. Department of Treasury
1500 Pennsylvania Ave, NW
Washington, D.C. 20220

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.

* 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.

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,

Barack Obama
United States Senator

gturkey's Blog

Today, as the US and Iraq agree to a timetable, let us celebrate McCain's judgment

Controlling the Narrative

Obama's Year Old Letter to Bernanke and Paulson Regarding Housing Crisis