Millions of Americans are struggling to pay their mortgages. They have a right to know whether members of Congress receive sweetheart deals in order to pay for theirs.
Sentiment: POSITIVE
When people feel like, 'Lenders weren't fair with me; I don't have any responsibility to be fair with them.' If we go far enough down that line, much of the fabric of our economy starts to unravel.
The American people know that our economy is struggling right now, partly because of the debt that is impacting American families, hardworking taxpayers all across this country.
The mortgage crisis is a clear instance of consumers who needed protection. There was predatory lending to people who didn't know what they were doing.
Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.
For too long, Americans have fallen victim to financial abuses at the hands of predatory lenders that operate in the shadows.
Every time the U.S. government makes a low-cost loan to someone, it's investing in them.
The Obama administration deserves credit for quickly ending the housing free fall. In particular, Obama empowered the Federal Housing Administration to ensure that households could find mortgages at low interest rates even during the worst phase of the financial panic.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
Too many Americans are out of work, and our debt is out of control.
The universe of mortgage lending has gotten to the point where there is a place in it for everybody.