Obama: Bush Proposal on Lending Does Not Go Far Enough

Chicago, IL -- Senator Barack Obama made the following statement in response to President Bush's proposal on homeownership and foreclosure.

"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, and that's why I've 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."